Mask Foundation Moves 2.5 Million Tokens To Exchanges, Huge Dip Incoming?

Samuel Edyme

1 year ago

3 mins read

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In the volatile and unpredictable world of cryptocurrencies, major transactions often signal impending market movements. Recently, Lookonchain, an on-chain analytics firm, reported a substantial transfer of MASK tokens, initiated by the Mask Network Foundation.

According to their findings, the foundation moved nearly 3 million MASK tokens out of its wallets, an event that could potentially lead to significant market fluctuations.

At the time of writing, the token was trading at $3.69, following a decline of over 2.5% over the past 24 hours. The noteworthy shift of 2.5 million MASK tokens, equating to over $9 million, could potentially trigger further price variations.

The intent behind the substantial token transfer remains speculative, prompting varied interpretations within the crypto community.

Mask Network Foundation transferred 3M $MASK ($11.25M) out today.

Among them, 2.5M $MASK ($9.4M) was transferred to #Binance and #OKX.

And 500K $MASK was transferred out 1 hour ago, which may be transferred to #OKX later.https://t.co/mBI4PbZaLa pic.twitter.com/BXQNceMuxs

— Lookonchain (@lookonchain) June 23, 2023

Mask Network Foundation’s Large-scale Transfer

According to Lookonchain, the Mask Network Foundation distributed 2.5 million tokens, which are worth more than $9 million, between Binance and OKX. An additional 500,000 tokens were also transferred out of the foundation’s wallets, but they have not yet surfaced on any exchange platform so far.

This particular move has led to speculations of an impending sell-off within the next 24-48 hours. Meanwhile, the transfer could signify the Mask Network Foundation’s strategy to bolster market-making activities.

By moving a significant number of the tokens to exchange platforms, the foundation could be aiming to stimulate trading volume and attract a wider range of traders to the project. Despite the 2.5% drop in MASK’s value, the move could potentially stabilize the token’s price by fostering liquidity and demand in the market.

While it’s too early to definitively predict the impact of these transactions on MASK’s market position, the movements undeniably indicate an upcoming shift in the MASK network token market.

MASK’s Latest Price Action

The MASK token price has increased in the past 7 days, with the token breaking multiple resistance levels. MASK is currently trading at $3.70, up by nearly 10% over the past week. However, over the past 24 hours, MASK has seen a slight decline down by 2.5%.

MASK token price chart on TradingView — MASK token price is moving sideways on the 4-hour chart. Source: MASK/USDT on TradingView.com

Though it is not certain if there has been any huge sell-off yet of the tokens transferred to exchanges, the token has plunged from its 24-hour high of $3.84. The token currently has a market capitalization of $302.6 Million, making it rank 107th among the largest cryptocurrency by market cap.

MASK’s daily trading volume has also significantly moved in the past 7 days. The token’s volume has surged from as low as $31 million last Friday to as high as $93 million in the past 24 hours.

The slight decline in the token’s price can be attributed to either the trader’s fear of such a massive influx into exchanges or the overall bearish sentiment in the cryptocurrency market.

Featured image from iStock, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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