There’s a little-known coin, exterior of the highest 100 by market cap, that’s grow to be 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 worth 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 trade had certainly invested $500 million in Elon Musk’s Twitter takeover.
Constructed on high of Ethereum, Binance Sensible Chain, and Polygon, Masks Community supplies a easy interface for utilizing varied Web3 apps, permitting customers to swap belongings 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, can have something to do with Twitter now that it’s underneath Musk.
Binance informed Decrypt that “this index isn’t associated to Binance’s funding in Elon Musk’s acquisition of Twitter.”
Nonetheless, the brand new Twitter boss has touted the thought of bringing crypto funds to the platform prior to now. Speculators have additionally latched onto the idea that this batch of belongings 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 worth of $4.50.
Masks Community’s founder and CEO Suji Yan, in the meantime, neither confirmed nor denied that the token could be used for funds on Twitter. Yan is one in every of 22 strategic buyers 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 mission wasn’t concerned within the Binance Bluebird Index and has no management over the trade’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 take part in token launches and airdrops or run Gitcoin grant campaigns straight on Twitter.
It additionally permits customers to show non-fungible tokens (NFTs) on their social media profiles and make bids on marketplaces similar to OpenSea or Rarible.
For now, although, it doesn’t appear as if it’s going to play a core function in Musk’s plans for the social media platform—at the very least not formally.