Mask Network (MASK), which is thought to be one of the altcoins that Elon Musk will integrate into Twitter, is rallying with intense whale accumulation after being listed on a number of central exchanges. The altcoin saw a 25% increase in its last 24-hour trading volume on Binance today.
3 catalysts behind the rally of Binance-listed Mask Network (MASK)
Mask Network offers the protocol through which social media platforms can gain crypto money transfer feature. The altcoin gained 27% today, with trading volume growth of nearly 800%. Mask Network, which is on the Binance list, attracted great attention last year with the expectation that it would be one of the tokens that Elon Musk would prefer for Twitter payments. It gained about 450% in one week in November.
The second catalyst was the recent listing of MASK by several exchanges such as Upbit and AscendEX. The listing announcement by South Korean crypto exchange Upbit has garnered a lot of attention among the crypto community. Last year, the altcoin quickly found itself on other major centralized exchanges such as Binance, FTX, CoinEx, and XT.
#Binance Will List Mask Network $MASK @realmaskbook https://t.co/HonQP70BJB
— Binance (@binance) May 25, 2021
Third catalyst: Interest in Mask Network (MASK) whales
According to a report by on-chain researcher Lookonchain, the MASK token has seen $14.8 million in withdrawals from OKX, Kucoin, Binance and Huobi by a number of whale wallets. Whales pulled 3.6 million MASK masks from exchanges. Lookonchain also confirms that these transactions have a direct impact on price:
We noticed that a whale has withdrawn 3.6 million MASK ($14.8 million) from Binance, OKX, Kucoin and Huobi via multiple addresses. This address is likely to increase the MASK price.
2/ We analyzed the historical transfer-in and transfer-out of the address "0xEf7C".
And found that in many cases, transfer-in will lead to an increase in the price of $MASK, and transfer-out will cause the price of $MASK to drop.https://t.co/tQbCaZNf1W pic.twitter.com/AYJCGeaNyb
— Lookonchain (@lookonchain) March 7, 2023
Meanwhile, Lookonchain warns that whales could cause a price drop. Based on their analysis, we examined past transfers of the address “0xEf7C”. In most cases, it has been found that importing will result in an increase in the MASK price and an export will result in a decrease in the MASK price. Meanwhile, Upbit announced today that it will open spot trading for MASK. Maybe the whale can transfer MASK to Upbit to sell it.”
Binance-listed altcoin on whales’ radar
Data provided by Etherscan revealed that the above whale with wallet “0xEf7C” has 8,973,549 tokens. However, according to OKLink on-chain data, 11,326 addresses currently hold MASK. The top 10 addresses holding MASK control 77.86% of the total supply. Addresses with positions 11-20 correspond to 13.94%. Statistics confirm that MASK’s price action is dependent on these largest wallet addresses. Binance, OKX and Celer Network also have the largest MASK holding wallets.
MASK price priced 3 catalysts over 25%
MASK is trading at $3.8 with a slight correction after climbing above $4 on the day’s rally. It’s holding around 17% of its earnings for the last 24 hours. The prospect of integrating into Twitter, large stock market listings and whale backlog were the main factors behind MASK’s rally.
As Kriptokoin.com, we have compiled the critical developments that will be experienced or experienced throughout the day in this article.
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