MASK price surged by 30% due to increased trading volumes with the Network announcing a staking program to reward holders.
As a result of a significant increase in trading volumes on Monday, the price of MASK increased by 30% in just a few hours. Mask Network has announced that the forthcoming MASK staking offering will allow holders to obtain additional tokens from core partners and projects within the Mask ecosystem.
Mask Network, a decentralized social network ecosystem, announced their intention to introduce staking to benefit the community and holders of MASK tokens.
Through this step, it is commited to developing decentralized technology and social media solutions, while also providing support to the community, partners, and ecosystem initiatives.
Leading partners and projects connected to Mask Network will distribute additional tokens to holders of MASK tokens. The purpose of the staking and reward mechanism is to generate opportunities for users to investigate the services and applications offered by blockchain technology.
More than 120 projects have joined Mask Network thanks to investments made by Bonfire Union, the company’s venture capital arm.
The Mask Network Web3 Social Ecosystem Grant has officially entered its third round. Mask Network announced that the company will support 33 projects to facilitate further Web3 development.
MASK Price Rally 30%
In the previous 24 hours, MASK price increased by 30% and it is currently trading at $5.26. The low point for the past 24 hours is $4.23, and the high end is $5.50.
This suggests that investors and traders are rushing to purchase MASK tokens as part of the company’s staking program to acquire additional tokens.
Additionally, the market has shown increased interest as the trading volume has increased by more than 400% in the past 24 hours.
According to CoinMarketCap, the cryptocurrency currently holds the 30th position in terms of trading volume, boasting a total trading volume exceeding $573 million.
The price experienced a decline as a result of investors planning to record profits. In the past 24 hours, open interest in MASK futures has climbed by 45 %, but it has decreased by 6 percent in the past hour.
This suggests that spot and derivatives traders are currently transparently booking profits.