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MASK price rallied 30% within just a few hours backed by a huge surge in trading volumes on Monday. It follows after Mask Network announced the upcoming MASK <a href="https://coingape.com/glossary/staking" target="_blank" rel="noopener noreferrer nofollow">staking</a> offering holders to receive additional tokens from core partners and projects under the Mask ecosystem.
<h2 id="mask-network-launches-staking-for-additional-token-rewards">Mask Network Launches Staking for Additional Token Rewards</h2>
Decentralized social network ecosystem Mask Network <a rel="noopener noreferrer nofollow" href="https://masknetwork.medium.com/rise-with-the-tide-mask-network-offers-staking-to-further-engage-decentralized-social-network-86f266eafb37" target="_blank">announced</a> plan to start offering staking to give back rewards to the community and MASK token holders. The move is a commitment to the development of decentralized technology and social media solutions while supporting the community, partners, and projects within the ecosystem.
MASK token holders will receive additional tokens from its core partners and projects linked to Mask Network. The staking and reward mechanism is designed to create opportunities to explore blockchain services and applications. Over 120 projects have joined Mask Network amid investments from its venture arm Bonfire Union.
Recently, Mask Network Web3 Social Ecosystem Grant has come to its 3rd round. Mask Network announced 33 projects set to receive support from the firm for further <a href="https://coingape.com/glossary/web-3-0" target="_blank" rel="noopener noreferrer nofollow">Web3</a> developments.
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<h2 id="mask-price-rally-30">MASK Price Rally 30%</h2>
<a href="https://coingape.com/price/mask-network" target="_blank" rel="noopener noreferrer nofollow">MASK price</a> jumped 30% in the past 24 hours, with the price currently trading at $5.26. The 24-hour low and high are $4.23 and $5.50, respectively. This indicates investors and traders are rushing to buy MASK tokens to get more tokens as part of its staking program.
Furthermore, the trading volume has skyrocketed by more than 400% in the last 24 hours, indicating a rise in interest. According to CoinMarketCap, the token is currently ranked 30 in terms of trading volume, with over $573 million in trading volume.
The price saw a pullback amid profit booking by investors. MASK futures open interest has increased by 45% in the past 24 hours, but it dropped by 6% in the last 1 hour. This indicates clear profit booking in spot and derivatives traders.
Also Read: <a href="https://coingape.com/trending/reddit-ipo-targets-6-5-billion-in-valuation/" target="_blank" rel="noopener noreferrer nofollow">Reddit IPO Targets $6.5 Billion In Valuation</a>
The post <a href="https://coingape.com/mask-price-skyrockets-30-as-mask-network-launches-staking-and-rewards/" rel="noopener noreferrer nofollow">MASK Price Skyrockets 30% As Mask Network Launches Staking and Rewards</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

MASK Price Skyrockets 30% As Mask Network Launches Staking and Rewards

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