The political game in the crypto world: MASK "sitting still also gets hit", plummeting 46%

Mask Network (MASK) unexpectedly became a victim in the notorious "divorce" between President Donald Trump and billionaire Elon Musk.

The "digital friendship" that once united the two giants, who were enthusiastic supporters of cryptocurrencies, had sparked a wave of politically charged memecoins. However, currently, amid fierce accusations and financial retaliations, that relationship is deeply fractured. In this context, retail traders seem to be fleeing the ecosystem, causing MASK to suffer heavy negative impacts.

A sudden disaster strikes MASK

Mask Network (MASK) is one of the parties that suffered indirect losses when the relationship between Donald Trump and Elon Musk broke down.

When information about the dramatic drama between the two people flooded social media, the price of the MASK token began to plummet as holders rushed to sell.

After a month of continuous price increases, the MASK token began to decline at the start of the week, coinciding with the time when news about the broken relationship between Trump and Musk started to circulate.

Specifically, on June 5th, when tensions between Trump and Musk escalated into personal attacks and public financial threats, the MASK token peaked at $0.02853. However, just the next day, the price plummeted by 45% to $0.01560.

"Once again, I caught the precise drop of MASK thanks to an accurate Short order – and this time, I am reclaiming everything that belongs to me!" – a trader with the nickname Elizabethofyou shared. "In just half a day, the price of MASK plummeted from 2.9 to 1.8 – evaporating nearly 30%."

According to analysts, the crypto market is volatile due to the decline in interest from individual investors. As of the time of writing, the MASK token is trading at 1.84 USD, with a decrease of 46% in the past 24 hours according to data from Bitcoin Magazine.

MASK price chart | Source: TradingViewMASK is not the only token caught up in this power struggle. Accordingly, the token Kill Big Beautiful Bill (KBBB) has decreased by 67%, while MUSK (Official Musk) has experienced a price drop of nearly 90%.

Even AP ( American Party ), a recently launched memecoin aimed at attracting support from the conservative side, has also dropped by 80%.

Market sentiment collapses after the crash of political memecoins

Analysts believe that this price drop is not related to the internal factors of MASK but mainly due to the wave of speculation surrounding the political memecoin theme that is weakening after the Trump and Musk drama.

"MASK used to be heavily promoted and at first glance it was really good," analyst TheDefiApe shared. "When I checked the data on GeckoTerminal, I found that the top group of holders only held about 10% of the total supply – a pretty healthy allocation. Notably, the project score was up to 97 – one of the highest I've ever seen, indicating a very clear safety signal."

The high score on GeckoTerminal reflects the project's strong on-chain fundamentals. However, that did not prevent a wave of selling when the political sentiment changed suddenly.

In fact, data from various token tracking platforms indicate that retail capital is flowing out of politically influenced tokens.

Performance of major political memecoin prices | Source: CoinGeckoSo what will happen next to the MASK token amid rising tensions between Trump and Musk?

Initially designed as a tool to bring Web3 features into traditional social networks, the MASK token is currently caught in a "whirlwind" beyond the project's control. This token has never had a direct connection to Donald Trump or Elon Musk, but retail investors still assume that "if there is a connection, there is also a fault."

This shows that the drama between Trump and Musk, which is dominating the headlines, has overshadowed even the real innovation efforts in the DeFi space, giving way to personal conflicts.

Analysts warn that volatility will continue if the project does not refocus on its core utility or detach itself from the speculative community.

However, with strong fundamental factors, some traders remain optimistic about MASK as the token price is trading just above the support range from 0.0178 to 0.0144 USD at the time of writing.

In cryptocurrency trading, the demand zone is the price area where buying demand is strong enough to prevent the price from continuing to fall. This is often a concentration area of buyers and can lead to a recovery or a bullish reversal.

In fact, historical models show that the price of MASK often tests this price area and bounces back. The RSI index is also rising, indicating that a recovery momentum is forming.

However, to confirm a bullish trend, the price of MASK needs to break through the resistance area from 0.023 to 0.026 USD.

Lilly