There’s a little-known coin, exterior of the highest 100 by market cap, that’s develop into Crypto Twitter’s newest obsession—and it simply so occurs to rhyme with a sure billionaire tech guru.
MASK, the token powering a little-known community of the identical identify, made noise this week when it was added to a brand new Binance index.
The Binance Bluebird Index, launched on Wednesday, is a value index monitoring the efficiency of Binance’s personal BNB token, Dogecoin, and MASK, a coin buried deep within the rankings with a present market cap of simply $299 million.
This launch comes a few week after Binance’s CEO Changpeng Zhao confirmed that the crypto change had indeed invested $500 million in Elon Musk’s Twitter takeover.
Constructed on prime of Ethereum, Binance Smart Chain, and Polygon, Mask Network supplies a easy interface for utilizing numerous Web3 apps, permitting customers to swap property utilizing Uniswap and SushiSwap—all with out leaving Twitter.
It’s unclear although whether or not the token, or any tokens within the Bluebird index, could have something to do with Twitter now that it’s below Musk.
Binance informed Decrypt that “this index just isn’t associated to Binance’s funding in Elon Musk’s acquisition of Twitter.”
Nonetheless, the brand new Twitter boss has touted the idea of bringing crypto funds to the platform up to now. Speculators have additionally latched onto the idea that this batch of property could also be built-in as a fee choice on Twitter.
The MASK token rallied instantly after Elon Musk’s $44 billion takeover of Twitter was confirmed final week, leaping by greater than 316% from roughly $1.36 on October 27 to $5.66 on Thursday, earlier than dipping 17% over the previous day to the present value of $4.50.
Masks Community’s founder and CEO Suji Yan, in the meantime, neither confirmed nor denied that the token can be used for funds on Twitter. Yan is considered one of 22 strategic traders in Decrypt.
“I feel Elon can select any token. A free speech platform ought to enable any token,” Yan informed Decrypt.
He additionally stated that the venture wasn’t concerned within the Binance Bluebird Index and has no management over the change’s new funding device as “it’s Binance’s index and Binance invested in Twitter lately and in Masks earlier than.”
Nonetheless, and from a purely technical perspective, the Masks community could also be effectively suited to combine with Twitter ought to the social media platform transfer forward and add crypto fee choices.
The community launched its MASK token in February 2021 by way of what known as Preliminary Twitter Providing (ITO)—a decentralized asset providing function that lets customers participate in token launches and airdrops or run Gitcoin grant campaigns immediately on Twitter.
It additionally permits customers to show non-fungible tokens (NFTs) on their social media profiles and make bids on marketplaces reminiscent of OpenSea or Rarible.
For now, although, it doesn’t seem like it’ll play a core position in Musk’s plans for the social media platform—no less than not formally.
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