An altcoin, announced as the 29th project of Binance Launchpad, has been experiencing a huge price rise in recent days. The cryptocurrency started trading with USDT, BTC, BUSD and BNB parities after its pre-sale on Binance. After that, the crypto money, which was already on the rise, flew off the board. According to the latest data, the asset has gained over 2700% in the past week. Here are the details…
Binance has listed this altcoin project
Binance Launchpad has announced that its 29th project is Hooked Protocol (HOOK). After that, the pre-sale of HOOK took place on the Binance exchange recently. Today, the altcoin officially started trading on the world’s largest stock exchange. HOOK is up for sale on Binance with USDT, BTC, BUSD and BNB trading pairs. After that, the price of the cryptocurrency experienced a parabolic rise. According to the latest data, the cryptocurrency has increased by more than 2700 percent in a short time. Thus, it put a smile on the face of investors participating in the pre-sale.
Binance exchange supports new projects through its Launchpad section. Accordingly, the exchange has an investor section for new and upcoming Blockchain projects. New Blockchain networks work with an extremely sensitive structure. Therefore, the tokens of these networks are extremely prone to experience large price fluctuations. HOOK, the native token of Hooked Protocol with the theme of “Play to Earn” is one of them. Serving as the governance token of the protocol, this cryptocurrency is experiencing great price volatility after the listing.
Hooked Protocol (HOOK) price increased 27x: Will the uptrend continue?
After Binance listing, the altcoin managed to rise 27 times above its original selling price. Thus, it reached $2.70. As we reported on Kriptokoin.com, the coin was listed by Binance Launchpad on November 25. After that, the pre-sale process started. 25 million (5%) of the 500 million token supply was reserved for pre-sale. Then, in the pre-sale, the token was offered to BNB holders with a price tag of $0.1. In total, more than 110,000 BNB holders committed over 9 million BNB during the Launchpad subscription period. Thus, the allocated supply soon found its owners.
HOOK coin is used for purposes such as paying gas fees on the Play to Earn platform. It also allows obtaining Hooked Gold Token (HGT) crypto incentives. Thus, it also supports decentralized governance. You can access our article “What is Hooked Protocol (HOOK)” to learn more about what Hooked Protocol does. The altcoin is currently traded on Hotbit and MEXC exchanges in addition to Binance. However, investors are questioning whether the price will continue to rise. Crypto analyst Muro shared a prediction about the price of the cryptocurrency:
“HOOK is up over 10% from the bearish entry I posted. There are no charts in Tradingview yet, so I made a chart. This low of 2.28 I would aim for $3.48 to $3.60. If it goes otherwise and falls, I’d wait there for a 5% loss.”
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