HOOK Token jumps 20x on Binance

HOOK Token jumps 20x on Binance

Altcoin news, News

Binance started trading HOOK tokens of the Hooked Protocol, with users now having access to four trading pairings, including HOOK/BTC, HOOK/USDT, HOOK/BUSD, and HOOK/BNB. HOOK’s price rose to $2 since then, a 20x increase over the price of HOOK’s first token sale price.

Through the provision of Learn & Earn solutions and onboarding infrastructures for users to enter the new web3 environment, Hooked Protocol is intended to establish the on-ramp layer for widespread Web3 adoption.

HOOK Token Sale Details:

  • Token Name: Hooked Protocol (HOOK)
  • Launchpad Hard Cap: 2,500,000 USD
  • Hard Cap Per User: 15,000 USD (150,000 HOOK)
  • Total Token Supply: 500,000,000 HOOK
  • Total Tokens Allocated to Binance Launchpad: 25,000,000 HOOK (5% of Total Token Supply)
  • Public Sale Token Price: 1 HOOK = 0.1 USD

The Launchpad subscription model was used for the Hooked Protocol token sale, with user BNB balances beginning to be recorded on November 24, 2022, at 0:00 UTC.

From November 24 until December 1, Binance kept track of user BNB balances for seven days. 

Using the calculation of the Daily Average BNB Balance, the total BNB holding amount for each user was calculated as the average of the previous seven days.

Launchpad Subscription Timeline  

  • Preparation Period 2022-11-24 00:00 (UTC) to 2022-12-01 00:00 (UTC)
  • Subscription Period 2022-12-01 06:00 (UTC) to 2022-12-01 09:00 (UTC)
  • Calculation Period 2022-12-01 09:00 (UTC) to 2022-12-01 10:00 (UTC
  • Final Token Distribution 2022-12-01 10:00 (UTC)

During the subscription period, 114,772 individuals in total committed 9,010,765.2954 BNB tokens, which is a 1,066x oversubscription. 3 individuals exceeded the 150,000 Hook hard cap, which caused the allotment for the participants to be distributed among the remaining users.

Scammers started targeting Hooked Protocol following the event. The protocol came forward to clarify that the official exchange partner of Hook is Binance, and there won’t be any available liquidity of Hook on PancakeSwap until further notice.

Binance listed Hooked Protocol in the Innovation Zone, a dedicated trading zone where users can trade new, innovative tokens that are likely to have higher volatility and pose a higher risk than other tokens. 

Compiled by Coinbold

Binance, BNB, BTC, Stable Coin, USDT, Web3