An Ethereum (ETH)-based privacy-centric altcoin project is getting a boost from crypto whales making massive under-the-radar transactions, on-chain data shows.
According to blockchain tracking firm Lookonchain, crypto whales have been driving up the price of MASK token, helping it achieve its parabolic rallies over the past week.
[adinserter block="1"]Mask Network is a project that allows social media users to send content, messages or cryptocurrencies to one another in a private and encrypted manner.
MASK, the project’s governance token, is up over 200% since 2023 kicked off. Lookonchain attributes the recent price increase to a number of deep-pocketed investors.
“The price of MASK increased by ~44% today.
This market maker received 3.5 million MASK from address ‘0x5459’ [on March 17th].
At the same time, multiple related addresses withdrew MASK from exchanges one after another.
Drive up the price of MASK again!”
Lookonchain previously reported on the whale earlier this month, noting a 27% price increase for MASK in one day following large withdrawals from crypto exchanges.
“The price of MASK rose from $3.27 to $4.16 today, an increase of 27%.
We noticed that a whale withdrew ~3.6 million MASK ($14.8M) from Binance, OKX, Kucoin and Huobi through multiple addresses.
It is likely that this address is driving up the price of MASK.”
At time of writing, MASK is trading at $6.42, up over 4% in the last 24 hours.
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