MASK Network continues downtrend despite successful hackathon event

MASK Network’s token continued its decline despite the successful completion of the Network State Hackathon.
The hackathon concluded with six winners across different categories, with protocols focused on decentralization of identity and privacy.
MASK price nosedived 6.5% since February 21 and the token has yielded 15.3% losses over the past two weeks.

MASK Network is the protocol that enables users of popular social media platforms to interact with dApps and share encrypted content over Twitter. The protocol’s token has yielded 6.5% losses overnight, despite a successful completion of the Network State Hackathon event.

Also read: Here’s why MASK Network’s token yielded 11% gains overnight

MASK Network successfully completes hackathon event

MASK Network State Hackathon was successfully concluded on February 20. Protocols building and developing prototypes participated, and six projects emerged winners in their categories. Over 200 participants from many different countries, including China, India, the US, Nigeria, Japan, Singapore participated.

The Hackathon is backed by MASK Network’s social ecosystem and Starkware’s core eco projects. The social wallet Civia won the Gold, followed by Mind Network and W3Space. Across the social, infrastructure and game categories Noname.Monster, Matrix Multi chain unity ToolKit and Degen Reborn emerged as winners.

Most Web3 projects that participated were focused on decentralized identity and privacy.

MASK price nosedived 6.5% since February 21. The token is currently in a short-term downtrend, after 15.3% losses since February 8.

MASK price chart

MASK has witnessed a steep decline in the first week of February. The recent downtrend looks similar to the drop witnessed by MASK holders prior to February. MASK holders are awaiting the launch of Twitter’s crypto payments as they anticipate the token will find wider utility and adoption on the social media platform. MASK is competing with Shiba-Inu-themed cryptocurrency Dogecoin for being accepted as payment on the social messaging protocol.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.