According to blockchain data, the Mask Network Foundation, the organization behind the altcoin Mask Network project, moved 3 million MASK tokens ($11.25 million) from its treasury today.
Altcoin Mask Network Foundation Transfers Millions of Tokens to Exchanges
The majority of the tokens, 2.5 million MASK ($9.4 million), were sent to Binance and OKX, two major cryptocurrency exchanges, in two separate transactions. This indicates that the foundation may be planning to sell or liquidate its holdings on the open market.
An hour later, another 500,000 MASK ($1.85 million) was transferred from the foundation's wallet, possibly to OKX. The destination of this token group has not yet been confirmed.
The Mask Network project aims to create a decentralized protocol that will allow users to access Web 3.0 applications and encrypted messages on social media platforms. The MASK token is used for governance and service purposes within the network.
The token has seen a significant drop in price and volume since its launch in February 2021. At the time of this writing, MASK is trading at $3.75, down 87% from its all-time high of $29.33 reached on March 1.
The foundation's sending of millions of tokens to exchanges could further erode the trust and value of the project, as it signals a lack of commitment and alignment with the network's long-term vision and goals.
*Not investment advice.