Unpacking the 65% Surge in Mask Network (MASK) Price in Just One Day

The MASK token of Mask Network has skyrocketed by 65% in just 24 hours, grabbing significant attention within the crypto community. Let’s dive into the reasons behind this dramatic pump!

Why Did Mask Network (MASK) Surge 65% in One Day?

The crypto market started November relatively flat, with Bitcoin hovering around $20,000. Most coins have been stuck in a boring sideways trend, with only a few seeing notable price increases. For example, Dogecoin (DOGE) reached new highs since the LUNA crash, thanks to “daddy” Elon Musk.

However, the “Elon Musk effect” isn’t just pushing up DOGE and other meme coins—it’s also impacting another project: Mask Network and its MASK token.

On Binance, MASK surged by 65% over the past 24 hours. The token’s price even hit a peak of $4.40, compared to around $2.40 just a day earlier.

1-Hour Chart of the MASK/USDT Pair on Binance at 12:00 PM on 02/11/2022

So, what’s driving the MASK pump? And how is it related to Elon Musk?

Twitter’s Web3 Connection

A quick look at Mask Network’s Twitter reveals no major updates or developments set to be announced.

However, Mask Network operates in the web3 social media space. It can be thought of as a “Twitter for web3” with enhanced features. The project has even posted comparisons to Twitter:

The FOMO surrounding MASK may partly stem from Elon Musk’s acquisition of Twitter, as the community hopes to find web3 social media “gems” in the wake of this news.

Mask = Musk?

But that’s not all that’s fueling a 65% token surge, especially when other projects are also doing similar things to Mask.

Here’s a more amusing reason:

When you search for MASK on Twitter, most of the results are related to Elon Musk. (?!)

It turns out Twitter’s search algorithm mistakes “MASK” for “Musk” and corrects it accordingly!

Searching “Mask” But Getting Musk

As you might guess, the community is easily prone to FOMO. Just seeing “Musk” in search results might lead some to believe that MASK is somehow related to Musk, causing a token pump!

Binance’s Move

“Timing, location, and harmony” are aligning for MASK as Binance just announced the launch of the BlueBird Index, which includes BNB, DOGE, and MASK.

Binance Launches 25x Leverage Futures for BLUEBIRD. See the announcement here.

The BlueBird Index, symbolized by the blue bird of Twitter, appears to be Binance’s attempt to capitalize on the community’s hype around Elon Musk and Twitter to attract more trading volume. Including DOGE in the index makes sense given the context.

But why BNB and MASK?

Adding MASK alongside Binance’s “baby” BNB in an index related to Twitter or, more broadly, social media, signals Binance’s high expectations for the Mask Network project. (Of course, Binance already has high expectations for BNB.)

If you’ve been in the market long enough, you know how Binance can set trends. When people see that this exchange seems to favor a particular project, they often FOMO in quickly.

Moreover, FTX also joined the party by announcing the listing of MASK.

With all these factors in play, it’s no surprise to see MASK’s price pump!