Altcoin Outshines Bitcoin, Ethereum With 25% Surge: On-Chain Data Reveals Whale Effect

Mask Network’s native token MASK MASK/USD is up 25% in the last 24 hours, outperforming Bitcoin BTC/USD and Ethereum ETH/USD gains.

What Happened: The price of MASK rose from $3.27 to $4.12 today, an increase of 25%.

According to Lookonchain, an on-chain data analytics platform, a whale withdrew 3.6 million MASK worth $14.8 million from Binance, OKX, Kucoin and Huobi through multiple addresses.

1/ The price of $MASK rose from $3.27 to $4.16 today, an increase of 27%.

We noticed that a whale withdrew ～3.6M $MASK ($14.8M) from #Binance, #OKX, #Kucoin and #Huobi through multiple addresses.

It is likely that this address is driving up the price of $MASK. pic.twitter.com/bWdnXNXV4S

— Lookonchain (@lookonchain) March 7, 2023

“It is likely that this [whale] address is driving up the price of MASK,” the on-chain data provider said.

Lookonchain analyzed the historical transfer patterns of a whale address and found that in many cases, its transfer-in of MASK tokens has caused an increase in the token price, while its transfer-out of MASK has led to a decrease in the price. 

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MASK saw a surge in its price on Jan. 31 following Elon Musk's announcement that Twitter is exploring the development of a payments system, which may include the ability to use cryptocurrencies in the future.

Mask Network enables users of Twitter to send cryptocurrency, interact with decentralized applications, and share encrypted content.

Price Action: At the time of writing, BTC was trading at $22,459 up 0.17% and ETH was trading at $1,573 up 0.57% in the last 24 hours, according to Benzinga Pro. 

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