A privacy-focused altcoin project based on Ethereum (ETH) is getting a boost from crypto whales conducting massive transactions under the radar, on-chain data shows.
According to blockchain monitoring firm Lookonchain, crypto whales have been increasing the price of the MASK token, helping it achieve its parabolic rallies over the past week.
Mask Network is a project that allows users of social networks to send content, messages or cryptocurrencies to each other in a private and encrypted way.
MASK, the project’s governance token, is up more than 200% since it was launched in 2023. Lookonchain attributes the recent price rise to a number of wealthy investors.
“MASK price increased ~44% today.
This market maker received 3.5 million MASK from address ‘0x5459’ [on March 17th].
At the same time, several related addresses delisted MASK from exchanges one after another.
Raise the price of MASK again!”
Lookonchain previously reported on the whale earlier this month, noting a 27% rise in the price of MASK in one day following large withdrawals from crypto exchanges.
“MASK price rose from $3.27 to $4.16 today, an increase of 27%.
We noted that a whale withdrew ~3.6M MASK ($14.8M) from Binance, OKX, Kucoin, and Huobi across multiple addresses.
This direction is likely driving up the price of MASK.”
At the time of writing, MASK is trading at $6.42, up more than 4% in the last 24 hours.
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source: dailyhodl.com