MASK, the native token of the decentralized protocol Mask Network, is experiencing a bullish rally that has raised its price in the last week from $3,25 to $5,72 currently.
Over the past week, MASK has been the top-performing cryptocurrency on record in the Top 100. Its price has grown by 78% week-over-week, a rise largely due to the upcoming beta launch of Mask Network V2.
On Twitter, the developers of this protocol announced that Mask Network V2 Beta Registration is Now LiveThis new version of the protocol supports NFT avatars on the Instagram Web app and social network.
Source: CoinMarketCap
Mask Network is a protocol that allows users to explore the world of Web3, facilitating the connection of traditional social networks and platforms, such as Facebook and Twitter, with the potential and advantages of the decentralized world.
Those interested in using this protocol must install the Mask Network browser extension and log in by connecting their Web3 wallets. This way, users can visit popular Web2 websites while still enjoying the benefits of the decentralized internet, including privacy.
What is Mask Network?
Through the Mask Network protocol, users can enjoy secure communication, encrypt messages and share content only with friends or with a private audience, if that is the goal.
In addition to the obvious privacy advantages of traditional social networks, Mask Network integrates other Web3 tools.
Holders of NFT tokens, such as CryptoPunks and other crypto collections, can verify their avatars on-chain for free, allowing them to set them as profile photos and create their own decentralized identities and Web3 profiles.
Mask Network also opens the doors to trading and negotiating non-fungible tokens from marketplaces and social platforms, allows users to transfer crypto assets using social networks themselves, and also interact with decentralized applications (DApps), DAOs, and more.
In mid-January, Mask Network received a $5 million strategic investment by Web3 investment firm DWF Labs. With this investment, DWF Labs seeks to accelerate the development of Mask Network in order to make the decentralized internet more open and accessible to everyone.
MASK rises 78% in a week
The MASK token has almost doubled its price over the past 7 days. According to CoinMarketCap data, MASK’s market cap is $434,8 million at the time of writing.
Source: CoinMarketCap
In the past few hours, MASK traders have traded over $225 million worth of this token across centralized exchanges. Only a small portion of this trading volume has occurred on DEXs. On the other hand, the MASK price is showing a slight correction of 3%, trading at around $5,71 per unit.
With the recent surge, MAK has reached a new nearly one-year high. Its highest price in the past week was $6,19, which was last seen in April last year.
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