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Mask price is up over 44% today, setting a new all time high of $18.74. Let’s take a closer look at Mask Network and see what all the hype is about.
What Is Mask Network?
Mask Network is a protocol that allows users of popular social media sites like Twitter and Facebook to send cryptocurrency, encrypted messages, and interact with decentralized applications.
However, Mask Network is much more than just a way to send encrypted messages on Twitter. The Mask ecosystem includes a variety of applications such as social NFT marketplaces, decentralized file storage, fiat on-ramp, and much more.
Why Is Mask Price Rising?
One of the main reasons for Mask’s recent price hike is the enormous growth in userbase over the past month. Looking at Mask.io’s alexa rankings we can see the site’s ranking rising significantly over the past 90 days.
Source: Alexa
On November 8th, CryptoArt.Ai announced their cooperation with Mask. Users will now be able to own NFT identity on major social media platforms like Twitter, Instagram, and Facebook.
CryptoArt.Ai is the largest decentralized NFT marketplace in Asia, including NFT creation, selling, auctioning, collecting, and transferring.
There’s no doubt this partnership brought huge amounts of exposure to Mask, which is a big factor in its recent price gains. In addition, the integration of NFTs with major social media platforms, means more visibility for both projects.
In other news, on November 5th Mask announced an update to their portal. Dubbed Mask 2.0, the new portal features multi-chain support for both mobile and desktop, a new feature called MaskID, and a dApp market.
It’s undeniable that the new portal update is a big contribution to Mask’s recent price hike. The team has a working product and a growing ecosystem that has caught people’s eyes.
Mask Price & Tokenomics
At the time of writing Mask Network is trading at $18.67, up over 47% in the past 24 hours. Mask has a total supply of 100 million, with a circulating supply of 29.1 million. That’s good news for investors as most of the tokens are locked up.
With a market cap of $500 million and such a low supply, it wouldn’t be surprising to see Mask price double by the end of the year.
This is not trading / investment advice, always do your own research.