Why MASK Hiked 114% in Last Week
Stay Tuned with MEXC Global (11/04/2022)
On November 2, Binance, one of the centralized cryptocurrency exchanges, stated that it would introduce Bluebird Index perpetual contracts with up to 25x leverage. So what makes this index so unique? The index will contain Binance Coin, Dogecoin, and Mask Network (MASK). Every Thursday, the index will be rebalanced and weighted based on volume and market cap. What does it have to do with Twitter is the next question. In this essay, I'll provide a brief explanation.
MASK Price in 15 Min (Source: TradingView)
BNB and DOGE prices didn't experience significant variations, however the price of MASK increased by 86.08% the day of the announcement, peaking at $4.47. The protest continued. On Thursday, the rally went on as the price of MASK increased! Price reached a high of $5.828 after rising by 22.7%. The price of MASK is currently $4.557 and has climbed by 114.45% over the last week.
MASK: The Newest Twitter Addiction
Binance claimed that "this index is not related to Binance’s investment in Elon Musk’s acquisition of Twitter." according to a report on Decrypt.
On the other hand, the new CEO of Twitter, Elon Musk, has already stated his desire to develop Twitter in a "WeChat Style," integrating cryptocurrency payments. Twitter may eventually provide a selection of cryptocurrency assets, such as the Mask Network token and Dogecoin, as payment choices, according to speculators.
It is not yet known whether Twitter will accept MASK or any other tokens in the Bluebird Index. What people think does matter, as we can see, and it did have a big impact on prices.
Final Thoughts
The relationship between Twitter and Mask Network dates back to 2021. In February 2021, the network released the MASK token through an Initial Twitter Offering (ITO). On Twitter, users had instant access to airdrops and token launches.
What the Network's integration on Twitter looks like in the future intrigues me. Since they may freely choose which coins to offer for payments, Twitter acts as a platform that permits free speech. Be sure to conduct your own research and trade cautiously because we still don't know what Twitter's next step in relation to cryptocurrencies will be.
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