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The price of Bitcoin and altcoins declined on Thursday before recovering a bit to see some greens on Friday. However, the crypto prices continue to weaken ahead of a thin-volume weekend amidst the macroeconomic uncertainty regarding US debt failure.
This has the total cryptocurrency market cap falling 0.9% to $1.17 trillion, according to CoinGecko. Meanwhile, the crypto fear and greed index is currently in the neutral zone with 48 points.
The largest cryptocurrency fell below the 50-day moving average, which is now acting as strong resistance at $26,850. While technical indicators such as RSI and MACD signal a bear market, BTC is currently trading at $26,882, up from its decline to $26,500. The price of Ether meanwhile declined to just under $1,780 and is now exchanging hands at $1,808.
Amidst all the red the crypto market is experiencing, one coin, in particular, is defying the market trend to record decent gains.
While cryptocurrencies were struggling this past week, MASK rallied 30% and is now trading at $4.62. MASK is a $372 million market cap cryptocurrency which is up 4.1% in USD and 8.9% and 8.3% against BTC and ETH, respectively, in the past 24 hours while managing $146 million in trading volume.
However, much like the rest of the crypto market, MASK is also down a whopping 89% from its all-time high (ATH) of $41.45 hit in Feb. 2021.
A Look at MASK Price Performance
MASK is the native token of Mask Network, a decentralized social network built on the multi-chain. It has a total supply of 100 million tokens, out of which 80.125 million are circulating in the market.
When MASK was first made available in the open market in early 2021, the crypto market was going through a bull run. As a result of the bullish momentum, MASK's price went climbing to a new peak right at its launch. And ever since then, it has been on a downtrend, with the crypto industry going through a bear market.
It wasn't a constant decline, though. In late 2021, the token performed well and surged to $20 in late November, only for it to fall and then close the year at $12.24.
2022, however, was brutal for the entire crypto market, and MASK was no exception to these sentiments. After peaking at a daily high of $14.26 on January 2, 2022, it was downhill from there, as Russia's invasion of Ukraine saw it drop to $3.68 the next month. Following a series of ups and downs in a broad downward trend, MASK price hit an all-time low (ATL) at $0.976528 on October 13, 2022.
Afterward, things picked up with crypto enthusiast Elon Musk completing his much-talked takeover of popular social media platform Twitter that, had MASK trading at a high of $4.41. But then came the FTX collapse, and MASK price yet again tumbled down to $2.22 in November. The token closed the year at $2.08, a year-on-year loss of more than 80%.
2023 is turning out to be a positive month for the broad crypto market, and so far this year, MASK is up 123.53% and has recorded 183% gains in the past year.
The positive sentiments propelled MASK above the $5 mark in early February. While the positive news came in the form of the largest crypto exchange Binance having MASK in its proof of reserve, the collapse of crypto-friendly Silvergate bank saw MASK falling to $2.61 in early March.
Q1 of 2023 ended on a positive note with MASK price above $6 with the project partnered with crypto aggregator CoinMarketCap and Ethereum (ETH) scaling solution Arbitrum. And on March 30, MASK actually hit its yearly high of $6.90.
In the mid of Q2 of 2023, MASK price went down to nearly $3.55 on May 12 but has been on the rise since then. Interestingly, last week, crypto exchange OKX announced the transfer of substantial funds to Alameda Research, including $60 million worth of USDT and MASK tokens.
Based on the report from a crypto analytics platform, Arkham Intelligence, OKX transferred approximately $1.3 million worth of MASK tokens, which may have been part of an effort to compensate the clients of the now-defunct crypto exchange and sister company of Alameda FTX.
The exchange first shared its intent to return about $157 million, which was being held in trust for FTX and Alameda on March 30. OKX explained that it had taken steps to freeze these funds in November as a measure of protection. FTX then made a legal move on March 30 to compel OKX to relinquish these funds to provide reimbursement to creditors.
Mask Network: A Bridge Between Web2.0 and Web3.0
Mask Network was founded in 2017 by Suji Yan, who is also the CEO of the platform, which functions as a bridge between web2 and web3.
With Web 2.0 largely dominated by a handful of tech giants, the Mask Network aims to provide access to a more secure, censorship-resistant internet without the need for APIs or centralized servers.
It works as both a simple browser extension and mobile app that allows users to purchase crypto from various decentralized exchanges (DEXs) directly from popular social media platforms like Twitter and Facebook.
Moreover, you can share encrypted content that will only be visible to your friends with the Mask Extension/mobile app. Besides storing their files on a decentralized network, users can trade NFTs directly from social media platforms powered by OpenSea. Users can also create their own Web 3.0 profile and keep track of all of their digital activities in one location, including NFTs, donation data, etc.
This way, the platform allows users access to the open and decentralized world of web3 with utmost convenience.
The browser extension of Mask is available on Chrome, Opera, and Firefox, while the mobile app is available for both Android and iOS. The Network also supports blockchains such as Ethereum, Polygon, and BSC, as well as several dApps like Uniswap and SushiSwap.
The Mask Network launched its governance token MASK in February 2021 through an Initial Twitter Offering (ITO), which allowed users to purchase tokens through Twitter. Each MASK holder has one vote on platform proposals through MaskDAO. The Network now even offers ITO solutions to new projects looking to launch their tokens. ITO functionality is offered on Ethereum, BSC, and Polygon blockchain networks.
Over time, the Mask team and its ecosystem members will develop more blockchain-based social media products and services, such as the Mask Grant Program, which will provide support to the projects that want to be integrated into or contribute to the network.
In its 2.0 iteration, the Mask Network included a multi-chain Mask wallet, a dApp marketplace called D.Market, and a MaskID login system that aggregates all the social media accounts of a user and their Web 3.0 addresses.
Recent Developments at Mask Network
This week, Mask Network announced an investment in Telegram's TON to provide innovative solutions to a wide number of users.
“Mask's dream is to achieve a new and open internet through building and growing the decentralized social network ecosystem,” said Mask CEO Yan, which is one of the earliest community members of the Jack Dorsey-founded Bluesky protocol and has acquired Pawoo.net, one of the largest Mastodon instances.
The Open Network or TON is an open-source community project which is designed by Telegram to onboard billions of users into Web3. With TON, the idea is to unite the Web2 internet and all blockchains into one open network, for which Mask will be providing its DID solutions.
Late last year, Telegram's newly released Fragment platform gained them more than $50 million in sales in less than a month. Fragment, which Telegram CEO Pavel Durov called “an amazing success,” is built upon the TON blockchain and allows users to obtain an anonymous number purchased via blockchain technology with payment in Toncoin.
A believer in the ownership economy much like Telegram, Mask also has a powerful open-sourced protocol Next.ID that connects and authenticates people's digital footprints while giving them full ownership of their identities. Then there's Mask's Web5.bio which is powered by Next.ID to provide a list of relevant identities whenever the user searches any ENS domain, Ethereum address, Lens Profile, or Twitter handle.
Together Mask and TON aim to contribute to the future decentralized social networks ecosystem.
Besides this, earlier this month, Mask Network received 257,540 ARB tokens from Arbitrum, which it decided to distribute among the Mask community and the Mask DAO treasury with an aim to incentivize active community members and encourage their participation in the ecosystem.
As part of the distribution plan, 10% of the tokens have been airdropped to eligible Mask community members, and the remaining 90% were deposited directly into the Treasury & Community Fund of Mask Network, Next.ID and Firefly in equal share for further dApp development, bounties, and campaigns to benefit the project in the long run.
Last month, the Mask team also announced its 3rd Web3 Social Grant round with a matching pool of $50k in collaboration with Gitcoin. In addition to offering grants, the project has also sponsored Decentralized Social Afternoons to bring together a vibrant community of Web3 enthusiasts and innovators.
Through Mask Network, users can basically own and govern everything they provide to the network, including data, attention, and virtual space. To get started, you just need to download the app, create a personal profile, then link Mask directly to social media accounts by clicking approval boxes and entering login information, and you're ready to start making encrypted posts.
Gaurav started trading cryptocurrencies in 2017 and has fallen in love with the crypto space ever since. His interest in everything crypto turned him into a writer specializing in cryptocurrencies and blockchain. Soon he found himself working with crypto companies and media outlets. He is also a big-time Batman fan.