What is the Mask network and is it worth investing in? In this article we will take a closer look at the Mask project and explain why it is considered to be the portal to a new and open Internet.
What is Mask Network?
The Mask Network is a protocol claiming to be a portal to a new and open internet. The network operates as an encrypted social messaging application, cryptocurrency, and decentralized file-sharing network. Its native token, MASK, is making parabolic moves, witnessing a price spike at the beginning of the month. Last week, it saw a high of $5.82 before entering a downward trend.
Mask Network was founded by Suji San, and the launch of the network happened in July 2019. The decentralized protocol runs on the Ethereum blockchain.
- Mask has outperformed 63% of the top 100 crypto assets in 1 year
- The token is trading above the 200-day simple moving average
- Mask has had a positive performance when compared to the token sale price
- Mask token has high liquidity based on its market cap
- The token is trading on Binance
- Mask has a yearly inflation rate of 0.00% (+1.00 MASK per year)
- The price of the token dropped significantly over the past year, down by 91.1%
- The token is overbought and may soon fall
- There is less than 29% of the total supply in circulation.
How Does It Work?
For years, large social media giants and blockchain startups have tried to configure a way to make sending cryptocurrency through social media easier and more accessible. However, there has been a lot of regulatory pushback.
Mask has found a unique way to integrate its protocol into the more extensive network without raising regulatory concerns. The network will introduce privacy and Web3 functionalities to social media, including Twitter and Facebook by encrypting messages disseminated through social media platforms.
This will be possible through an open-sourced browser extension. Here’s how:
Step 1: Head over to the Mask network website and click on ‘Install Mask ‘to download the Mask extension.
NB: Ensure you are using a web3 browser such as Chrome/Edge, Opera, Brave or Firefox. For this example, we shall use Chrome.
Step 2: Follow the instructions in the U.I to create a new persona and connect with your social media accounts
Step 3: Mask Network will automatically jump to the Twitter page and scan for your username. Confirm your username and click ‘Connect.’
The Mask browser extension allows anyone to interact with others on traditional platforms like Facebook and Twitter, through and with Web3 principles and solutions.
Major MASK Announcements
The price spike seen in the last week has been attributed to major activities from various exchanges. When there is the support of a project by significant platforms, the token seems to have a spike. This has been the case on the Mask Network.
Last week, the spike in MASK’s price was linked to recent announcements by the major crypto exchange, FTX. The exchange aimed to list the token for spot and perpetual futures trading. As for last week, FTX was the world’s third-largest crypto exchange by trading volumes, which meant a pool of potential investors.
FTX’s announcements triggered similar declarations by other crypto exchanges, including ByBit. Owing to this, MASK’s price saw an increase due to the gain in market support. The new index by Binance also saw its rise.
Binance and Twitter
Following Elon Musk’s acquisition of Twitter, MASK began surging in price due to increasing prospects of more use cases for the token.
The news ignited fresh interest in Mask Network from investors as they anticipate the MASK token could be used for tipping and payments on Twitter.
Additionally, Binance recently announced it was launching the “Bluebird Index” that will comprise $MASK, $BNB, and $DOGE.
$MASK Tokenomics and Price Analysis
Mask Network’s price today is $ 3.81, with a 24-hour trading volume of $ 1.20B, a market cap of $ 110.98M, and a market dominance of 0.01%. The MASK price decreased by 17.95% in the last 24 hours.
Mask Network reached its highest price on Feb 24, 2021, when it was trading at its all-time high of $ $41.45. Following this, MASK fell off during the bear market to touch an all-time low price of $ 0.97.
Mask Network’s current circulating supply is 29.13M MASK out of the max supply of 100.00M MASK. The current yearly supply inflation rate is 0.00% meaning 1.00 MASK was created in the last year. Mask Network currently ranks at number 168 on CoinGecko.
Mask Network Token Sale
The price of Mask Network during the token sale was $ 0.90 per MASK. The Mask Network token sale started on Feb 23, 2021, and lasted until Feb 24, 2021. Compared to its initial token sale price, MASK is currently showing an ROI of 4.17x against the US dollar, 10.78x against Bitcoin, and 4.70x against Ethereum.
The token is not trading at an attractive level. A correction is likely, and investors could consider buying lower. Alternatively, investors should buy when MASK breaks out at the resistance. Sentiment remains mixed on the MASK coin, so potential investors need to do their research first.
Will MASK Reach $100 by 2025?
Mask Network has a good use case, well-designed tokenomics, an active community, and a solid team behind it. All of these are a prerequisite for success and that is why our prediction sees Mask Network rising up to $100 by 2025.
Where Can I Buy Mask Tokens?
The MASK token is available on several decentralized and centralized exchanges. You can buy MASK on Binance, OKEX, Bitget, Balancer, Coinbase, and Huobi Global
How Many MASK Tokens Are There?
The current maximum total supply of MASK tokens is 100,000,000. You can check the full tokenomics breakdown in CoinGecko.
How Can I Earn MASK Tokens?
You can earn MASK tokens by being a liquidity provider on different pools. These pools include MASK/USDC on Uniswap and MASK/BUSD on Pancakeswap.
Disclaimer: No information presented in this article is presented as financial advice.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.