MASK Token Plunges 50% Amid Surging Volume as Traders Eye Critical $1.63 Support Level

Mask Network (MASK) experienced a significant price decline in the past week, with the token dropping approximately 50% from early June highs above $3.60 to a current price of $1.634 (as per Binance data), reflecting an 8.77% decrease over the last 24 hours. This sharp downturn is attributed to a combination of factors, including a "buy the rumor, sell the news" reaction following positive developments such as the Orb acquisition and the SEC's withdrawal of a lawsuit, as well as a broader market correction and the unwinding of NFT integration hype that led to a bull trap. Trading volume surged significantly during the selloff, with previous 24-hour volumes exceeding $1 billion and surpassing the market capitalization, indicating heightened market activity and volatility. Currently, MASK is consolidating near the $1.63–$1.80 support zone, with sentiment leaning cautious as traders monitor whether this level will hold or lead to further downside.