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The price of Mask Network’s MASK token has increased by more than 18% in the last 24 hours, as ARB sees red following Arbitrum’s ARB token airdrop.

Mask Network, a project dedicated to bridging the gap between web2 and web3 by enabling social media users to transfer digital assets, interact with dApps, and more, has witnessed a massive increase in the value of its native asset so far. 

MASK screams higher 

Mask token has emerged as one of the top gainers in the last 24 hours following a blistering over 18% surge within that timeframe.

MASK token price hit a high of $6.51 during the early hours of March 24, with a trading volume of $759,751,811.

However, at the time of writing, the digital asset has shed some of those gains, hovering around the $6.26 price area.

Looking at the larger picture, the price of MASK has increased by more than 60% in the weekly timeframe, and 116% within the last 14 days.

Despite MASK’s solid bullish momentum in the past 30 days, it’s worth noting that the altcoin is still down 84.66% from its all-time high of $41.45 hit in Febuary 2021, according to data available on CoinGecko.

MASK up by more than 18% as ARB drops by nearly 90% - 1
MASK 24-hour chart | Source CoinGecko

The ARB bloodbath 

Arbitrum executed its much-anticipated airdrop to some eligible members of its ecosystem on March 23, despite an initial Sybil attack threat. Mask Network received 257,549 ARB tokens during the event.

MASK up by more than 18% as ARB drops by nearly 90% - 2
ARB 24-hour chart | Source: CoinGecko

Due to the massive selloff of the ARB token by those who participated in the airdrop event, the price of the asset has crashed by over 70% from its all-time high (ATH) of $8.67 on March 23. 

At the time of writing, ARB token is exchanging hands for $1.11, with a market cap of $2,712,092,633.

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