Google NewsYEREVAN (CoinChapter.com) – Hooked Protocol, a new addition to the Binance Launchpad, saw its token HOOK price rally 2,800% in 24 hours and stood at $2.68 ahead of the London session on Dec 2. According to Binance charts, the digital asset jumped from $0.08 to nearly $3.0 within an hour after opening on Dec 1.
As of Dec 2, HOOK’s market cap reached $133 million, ensuring the token’s foray into the top 250 tokens, ranking #220. The daily trading volume stood at $586 million.
However, the chart above clearly shows a sideways consolidation after the spike. While an increase in buying pressure is possible, it is doubtful that HOOK can pull off another such rally.
In detail, Hooked Protocol was the 29th project on Binance Launchpad. “Binance has completed the subscription format Launchpad for Hooked Protocol, and the final token allocation results are now showing on the Hooked Protocol Launchpad Page,” announced Binance on Dec 1.
Also read: DeFi Protocol Ankr Loses $5M to Hack — Many Tokens Affected.
The project’s Launchpad start
According to the exchange, a total of approximately 115 thousand participants committed roughly 9 million BNB during the subscription period with a mild oversubscription of 1,066x.
3 participants reached the 150,000 HOOK hard cap, resulting in the participants’ allocation being passed down to the remaining users. For further information on how this is calculated, refer to a detailed guide here.
detailed Binance.
Depending on the number of BNB tokens committed by users, Binance allocated a certain amount of HOOK, with the deduction of fees.
The corresponding BNB tokens will be deducted from your already-locked BNB balance within 60 minutes of this announcement. Once deducted, your HOOK and remaining BNB tokens will both be transferred to your spot wallet.
read the announcement.
What is Hooked Protocol all about?
According to the website, Hooked Protocol is “building the on-ramp layer for massive Web3 adoption.” It provides “tailored Learn & Earn products and onboarding infrastructures for users & businesses to enter the new world of web3.”
Furthermore, the project will release the HOOK token gradually within a month. Thus, the total token supply of 500 million HOOK will be out by Dec 29, according to the website’s schedule.
In H1 2023, the project expects “more diverse gamified learning experiences.” Additionally, Hooked expects “collaboration and partnership with more Web3 projects, as well as wallet solution integration.”
According to CoinMarketCap, HOOK is currently available on several exchanges other than Binance: CoinW, BingX, MEXC, and Bitrue.
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