As the crypto market bounces back after a minor retracement, the MASK token, the governance token for the Mask Network, reached a 52-week high of $7.09 on Mar. 29. As of this writing, MASK token has retraced slightly and is trading at $6.94.
Let’s investigate the reasons for this remarkable increase and the elements contributing to its success.
MASK’s journey to prominence
In late October 2022, the MASK token experienced a surprising increase in value, moving from $1.14 to $2.81. This spike sparked curiosity within the crypto community and beyond.
The story continued to unfold in November 2022, when Binance included MASK in its Bluebird Index. This decision further legitimized the token’s potential as it joined the ranks of BNB and DOGE.
Interestingly, the creation of the Bluebird Index coincided with Musk’s acquisition of Twitter. Given the Mask Network’s compatibility with the social media platform, speculations of possible integration began to emerge.
MASK’s upward trajectory was reinforced on March 7, 2023, when Binance integrated it into its proof-of-reserve assets, resulting in a nearly 29% price hike.
However, the volatile nature of the cryptocurrency market reared its head as MASK’s value was impacted by Silvergate Bank’s announcement of voluntary liquidation, followed by the collapses of Silicon Valley Bank (SVB), and Signature Bank.
You might also like: Silvergate faces bankruptcy concerns amid capital flight
These collapses sent a shockwave across the crypto market as the values of the majority of the coins tumbled.
Despite this setback, MASK demonstrated resilience as the market recovered, reaching a 52-week high of $7.09 on March 29.
The Mask Network: bridging web2 and web3
The Mask Network was established in 2017 by Suji Yan as a means to connect web2 and web3 and is equipped with a browser extension and mobile app.
The Mask Network enables users to send cryptocurrency, access decentralized applications (dapps), and share encrypted content on popular social media platforms.
By providing a user-friendly gateway to the decentralized world of web3, the Mask Network has attracted significant interest, particularly from web3 enthusiasts.
Conclusion: trade carefully
Considering MASK’s recent performance, it’s a token to watch in the upcoming weeks and months. However, as with any cryptocurrency, price volatility is a constant, and even robust growth indicators do not guarantee future success.
It is essential to perform comprehensive research and invest only what you can afford to lose.
Read more: Women and Gen Z lead crypto trading in Singapore, study reveals
Source: https://crypto.news/mask-token-skyrockets-to-a-52-week-high/