Mask Network‘s native asset MASK witnessed a notable surge of over 30% within a day, linked to a substantial increase in trading volume. This rise came shortly after Mask Network announced the initiation of a stake program that would provide additional token rewards to MASK token holders from key partners and projects within the ecosystem.
Stake Program Announced
The decision to launch the stake program is part of Mask Network’s commitment to actively support its community, partners, and associated projects while promoting decentralized technology and social media solutions. Through this initiative, MASK token holders will be able to receive additional tokens distributed by Mask Network’s core partners and affiliated projects, and engage more with Blockchain services and applications.
Moreover, Mask Network’s ecosystem has seen significant growth with the participation of over 120 projects supported by the venture arm Bonfire Union.
In addition, Mask Network recently announced the third round of the Web3 Social Ecosystem Grant, aiming to support 33 projects. This initiative confirms the network’s commitment to supporting the development of Web3.
Price Surges Over 30%
Following the announcement of the stake program, the price of MASK surged over 30%, reaching as high as $5.248. The price increase of the altcoin was accompanied by a significant rise in trading volume, which saw an increase of over 400% for the same period.
Despite the impressive rally, investors moving to realize their unrealized gains led to a slight pullback in MASK’s price. The pullback, triggered by profit-taking, resulted in a 6% drop in the open interest (OI) of the altcoin’s futures market. This trend indicates that investors are moving away from MASK and there is an outflow of funds from the altcoin.
