MASK, the native token of the Mask Network, a privacy-centric messaging protocol, has plummeted over 50% in hours, marking its second major drop this year after a similar crash seen on 2nd April.
This drastic decline in MASK price was accompanied by a staggering 560% spike in its 24-hour trading volume. Such high volume in mid-cap crypto assets signals intense market activity as traders react to the downturn in FOMO.
As per CoinMarketCap data, MASK price fell from the daily high of $3.6556 to currently trading near $1.88—marking a 35.17% decline in the past 24 hours.
Known for enabling encrypted messaging and decentralized app interactions, Mask Network has been a key player in the Web 3.0 messaging space. Its market cap has peaked to $512 million in March 2024, prior to declining gigantically this year.
The sharp drop in MASK price is currently attributed to an NFT integration hype that set up a bull trap, followed by recent market turmoil. The mammoth trading volume, which is double the market cap of MASK, is also a key factor behind this enormous volatility in the token price.
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