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Reading: Mask Network’s MASK Token Surges Over 30% Following Stake Program Announcement
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COINTURK NEWS > Altcoin News > Mask Network’s MASK Token Surges Over 30% Following Stake Program Announcement
Altcoin News

Mask Network’s MASK Token Surges Over 30% Following Stake Program Announcement

In Brief

  • MASK token experiences a significant 30% rise in a short span.

  • Stake program launch aims to reward MASK token holders.

  • Price surge accompanies a 400% increase in trading volume.

COINTURK NEWS
COINTURK NEWS 1 year ago
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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.

Contents
Stake Program AnnouncedPrice Surges Over 30%

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.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 18 March, 2024 - 3:56 pm 18 March, 2024 - 3:56 pm
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