Why Is Mask Coin Falling Today? CEO Hack Rumors and Whale Moves Behind

The Mask Network coin saw a massive drop of over 45% in just one day, creating panic among investors. The coin price fell from around $2.96 to $1.77 within 24 hours. At the time of writing, its market cap is close to $183 million, and its daily trading volume stands at $1.41 billion.

Source: CoinMarketCap

Even though the token had gained over 60% in the past month, this sudden drop has confused many traders. They are now wondering: Why Mask coin is crashing?

Sudden Mask Coin Crash: What Really Happened?

The mask network coin price drop reason seems to be linked to two major factors—rumors of a wallet hack and a large whale deposit.

Suji Yan Wallet Hack Rumor Causes Panic: The sole reason the altcoin is tanking might just be the circulating rumor of the network CEO Suji Yan's wallet getting hacked. Notwithstanding no word or confirmation of the same from Suji Yan or the network group, the rumors of potential Suji Yan wallet hack have instigated panic selling. This lack of clarity has only increased doubt among community members and investors, adding to the crypto market crash .

Whale Moves $6.1 Million in Tokens to Binance: Adding more pressure to the fall, a large whale wallet with the address starting 0x3610 transferred a total of 3.26 million tokens—worth around $6.1 million—into Binance. These coins were bought roughly one month ago and are now being moved at an average price of $1.87, leading to a profit of about $2 million, as per Lookonchain data .

Source: X

This whale activity came through several large transfers:

• Two transactions of 1.5 million tokens ($2.81M each)

• One of 260,000 tokens ($486.2K)

• A smaller transfer of just 10 tokens

Since all transfers were made to Binance, it’s clear that these tokens may be getting ready for a sell-off. These kinds of large moves often cause panic in the market, which could explain why it is falling today.

Mask Coin Price Prediction : What’s Next?

As of now, the altcoin price sits around $1.78. This drop has erased most of the recent gains made in the past month.

Source: Investing.com

Bullish Scenario: If the coin manages to find support near its current price, it may bounce back. The next resistance points are $2.25 and $3.00. If positive sentiment or news returns—like integration with new Web3 platforms or improved market mood—the altcoin might go back to $3.50 and even reach $4.00–$5.00.

Bearish Scenario: If the price breaks $1.70, it can go even higher into the previous support zone of $1.20–$1.50. If the fear increases and more users lose faith, the token can go even to the April low of $0.90. Further selling pressure and diminishing trading interest can make the price go even lower.

Conclusion

The recent crash in the token news has come as a surprise, especially after its strong monthly rally. While some investors were hopeful due to the 60% rise in the past month, the latest events—wallet hack fears and whale actions—have led to massive doubts.

At this point, the mask network news shows the project is standing at a critical support level. What happens in the next few days will decide the future direction. Investors should closely watch any updates from the Mask Network CEO, or do their own research before investing.