Price Soars on Speculative Musk-Related Optimism
Sharp Drop Due to Profit-Taking... High Volatility Warrants Caution in Investment
The price of the virtual asset Mask Network is fluctuating. Investors have started buying, believing that Mask Network has positive news related to Elon Musk, CEO of Tesla. However, recently, profit-taking sales have emerged, causing a downward trend.
According to the global virtual asset market status relay site CoinMarketCap as of 3:08 PM on the 22nd, the price of Mask Network was trading at $5.12 (approximately 6,697 KRW), down 6.85% from the previous day. Mask Network has shown a rollercoaster movement this month. Until the 12th of this month, it remained in the $2.7 range but started to rise from the next day. On the 19th, it soared to $6.74 (approximately 8,814 KRW), showing an increase close to 150% during that period. However, it declined afterward due to profit-taking sales.
The explosive interest in Mask Network before the decline was due to virtual assets being perceived as a kind of safe haven amid financial risks, revitalizing the market, and the suggested connection with Musk. Mask Network also refers to a protocol that allows encrypted messages to be sent on social networking services (SNS) such as Twitter and Facebook. Additionally, it provides peer-to-peer transfer and decentralized virtual asset custody wallet functions. The virtual asset Mask Network is a coin used within this protocol and serves as a means to participate in internal decision-making.
As Mask Network was utilized on Twitter, it naturally began to be associated with Musk, who acquired Twitter last year. Previously, Musk had expressed support for Dogecoin, and each time, the price surged sharply. Also, when Musk acquired Twitter, expectations arose that Dogecoin could be used in Twitter's payment system, causing the price to rise by more than 40%.
Subsequently, interest in Mask Network, which has a direct connection with Twitter, grew among investors. Although Musk did not directly mention Mask Network, speculative remarks emerged suggesting that Musk might purchase Mask Network or collaborate with it, amplifying expectations. Therefore, among investors, there was talk that "Musk-related coins are not limited to Dogecoin." Mask Network was also called the "Musk coin." In Korea, as news about Mask Network spread, videos and posts analyzing its connection with Musk were uploaded. At the same time, on the domestic virtual asset exchange Upbit, Mask Network was traded at 6,755 KRW, higher than the CoinMarketCap aggregated price.
However, since these expectations remain speculative, significant price volatility has appeared, and investors are advised to exercise caution. After recording the highest price since April last year on the 19th, it plunged for four consecutive days. Trading volume also decreased by more than half, from $570.87 million (approximately 746.5 billion KRW) on the 18th to $202.67 million (approximately 265 billion KRW) on the 21st.
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