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The price of Mask Network’s MASK token has increased by more than 18% in the last 24 hours, as ARB sees red following Arbitrum’s ARB token airdrop.
Mask Network, a project dedicated to bridging the gap between web2 and web3 by enabling social media users to transfer digital assets, interact with dApps, and more, has witnessed a massive increase in the value of its native asset so far.
MASK screams higher
Mask token has emerged as one of the top gainers in the last 24 hours following a blistering over 18% surge within that timeframe.
MASK token price hit a high of $6.51 during the early hours of March 24, with a trading volume of $759,751,811.
However, at the time of writing, the digital asset has shed some of those gains, hovering around the $6.26 price area.
Looking at the larger picture, the price of MASK has increased by more than 60% in the weekly timeframe, and 116% within the last 14 days.
Despite MASK’s solid bullish momentum in the past 30 days, it’s worth noting that the altcoin is still down 84.66% from its all-time high of $41.45 hit in Febuary 2021, according to data available on CoinGecko.
The ARB bloodbath
Arbitrum executed its much-anticipated airdrop to some eligible members of its ecosystem on March 23, despite an initial Sybil attack threat. Mask Network received 257,549 ARB tokens during the event.
1/3 Mask Network is thrilled and honored to receive 257,540 $ARB allocated by @arbitrum.
— Mask Network (Bridge to #Web3) (@realMaskNetwork) March 23, 2023
Congratulations on the token launch!
The $ARB tokens are received with our multi-sig wallet on arb1: 0x3131Cc8Dcb6b88B371E0F288a13DCbD49e630B9A pic.twitter.com/u9IPCPCTgC
Due to the massive selloff of the ARB token by those who participated in the airdrop event, the price of the asset has crashed by over 70% from its all-time high (ATH) of $8.67 on March 23.
At the time of writing, ARB token is exchanging hands for $1.11, with a market cap of $2,712,092,633.