A low-cap altcoin is surging on the heels of an announcement from crypto giant Binance.
The leading exchange says it’s launching a new perpetual contract called the Bluebird Index.
The index tracks the prices of Binance Coin (BNB), Dogecoin (DOGE) and Mask Network (MASK), allowing up to 25x leverage.
The announcement sent the price of MASK soaring 80% in about three hours, from a low of $2.30 to as high as $4.16.
The Bluebird Index appears to reference Twitter and Elon Musk’s interest in Dogecoin, and Binance invested $500 million investment Musk’s Twitter takeover.
This index triggered instant speculation on what role BNB and MASK might play in Twitter’s future.
— ?thomas (@crypto_TomTom) November 2, 2022
Mask Network bills itself as a network designed to bring Web3 features to social media platforms like Twitter and Facebook.
The list of potential features for the platform’s browser extension includes payments and tipping, decentralized asset trading, NFT trading and decentralized file storage.
MASK runs on the Ethereum network and is also live on Polygon and BNB Chain. The token is designed to reward active users of the protocol and give users a voice in governance.
The project launched in February of 2021 and at time of publishing, the price of MASK stands at $3.67. That’s down about 88% from the coin’s all-time high of $30.44.
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Featured Image: Shutterstock/Olivier Le Moal