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Mask Network (MASK) saw a bout of profit-taking on March 8 after rallying for three days at a stretch. At the time of publication, MASK was significantly down from the prior day's high of $4.33. The token is currently down 8% in the last 24 hours at $3.54.
Seems @realMaskNetwork dumped 850K $MASK ($3.06M) today.👇
— Lookonchain (@lookonchain) March 8, 2023
- 2 addresses transferred 850K $MASK ($3.06M) to #Binance 5 hrs ago.
- The 850K $MASK was received from "0x7C4c".
- And "0x7C4c" received 0.5 $ETH from the #MaskNetwork vault address as a Gas fee. pic.twitter.com/bAqp5fFoaB
According to Lookonchain, an on-chain analytics firm, two addresses that it believes might be related to the Mask Network protocol itself recently moved 850,000 MASK tokens to crypto exchange Binance.
It notes that the two addresses that made the transfer of 850,000 MASK worth $3.06 million received 0.5 ETH as a gas fee from the Mask Network vault address, further adding to speculation. The reason for the move remains unknown at press time.
According to Lookonchain, a large move in the case of MASK often impacts its price. Thus, the recent move of 850,000 MASK might have added to the selling pressure.
Whale activity impact on MASK
On March 7, MASK jumped as high as 27% as its price rose from lows of $3.61 to $4.33. Lookonchain reports that a whale withdrew over 3.6 million MASK tokens worth $14.8 million from crypto exchanges Binance, OKX, Kucoin and Huobi via multiple addresses, fueling this positive price increase.
It added that it was likely that this address drove up the price of MASK. The on-chain analytics platform further stated that it examined previous transfers into and out of the address to arrive at this deduction.
It found out that, in many cases, "a transfer-in from the address will lead to an increase in the price of MASK, and transfer-out will cause the price of MASK to drop."