Mask Network has revealed its plan to launch staking, offering an opportunity for MASK holders to earn new tokens. Following this announcement, the price of MASK surged by 30%.
In just a few hours, the price of MASK soared by 30%, fueled by a significant increase in trading volumes on Monday. This surge came after Mask Network unveiled plans for an upcoming MASK staking program, where holders can earn additional tokens from core partners and projects within the Mask ecosystem.
Mask Network Launches Staking Program to Reward Community
Mask Network, a decentralized social network ecosystem, has announced plans to introduce staking, aiming to give back rewards to the community and MASK token holders. This initiative reflects the commitment to advancing decentralized technology and social media solutions while supporting the ecosystem’s community, partners, and projects.
Reward Mechanism for MASK Token Holders: Under the staking program, MASK token holders will have the opportunity to receive additional tokens from core partners and projects associated with Mask Network. The staking and reward mechanism aims to foster exploration of blockchain services and applications, providing opportunities for engagement within the ecosystem.
Over 120 projects have joined Mask Network, facilitated by investments from its venture arm, Bonfire Union. Additionally, Mask Network’s Web3 Social Ecosystem Grant has entered its third round, with the firm announcing support for 33 projects to further develop Web3 technologies.
MASK Price Surges 30% Amid Staking Program Excitement
In the past 24 hours, the price of MASK has surged by 30%, reaching $5.26. During this period, the lowest and highest prices recorded were $4.23 and $5.50, respectively. This significant increase suggests that investors and traders are eager to acquire MASK tokens to participate in its staking program and earn more tokens.
The trading volume has soared by more than 400% in the last 24 hours, indicating a surge in interest. Currently ranked 30th in terms of trading volume by CoinMarketCap, MASK has seen over $573 million in trading volume.
Despite the price surge, there has been a pullback as investors engage in profit booking. The open interest for MASK futures has risen by 45% over the past 24 hours but dropped by 6% in the last hour. This indicates that both spot and derivatives traders are booking profits, leading to the observed pullback in price.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
