HomeCryptoThe boom of the crypto HOOK after its launch on Binance

The boom of the crypto HOOK after its launch on Binance

Binance Launchpad launched the Token Sale of the new crypto Hooked Protocol (HOOK). 

The launch price was about $0.1, but almost immediately it jumped over $2.8. 

In other words, it scored an almost immediate +2,700%

However, it is very likely that the launch price was simply greatly underestimated, because during the rest of the day it then fell as low as $2, only to rise again in the night. 

It peaked this morning at over $2.9. 

The new crypto on Binance: Hooked Protocol (HOOK)

Hooked Protocol is a gamified social learning Web3 platform under construction. 

HOOK is its token, and it is a BEP-20 token on BNB Chain. 

However, the platform also has another token, Hooked Gold Token (HGT), which is only available within the ecosystem. 

Hooked Protocol for now is focusing on building the on-ramp layer for mass adoption of Web3, providing Learn & Earn products and onboarding infrastructure to enable users and businesses to enter this new world.

Its pilot product is Wild Cash, which is a Quiz-to-Earn with gamified learning features that has already reached over 2 million monthly active users in Indonesia and Brazil. 

HOOK is the governance token for the entire ecosystem, while HGT is the utility token. 

HOOK is used as the access token for community events and exclusive NFTs, and is also used for certain in-app purchases of game tools, secret boxes, and so on.

Over time it will be partly burned to reduce the overall supply, and in the future it will be used as gas for the app’s rollup infrastructure, and for staking rewards programs on the platform. 

Its overall supply will be 500,000,000 tokens, while at the time of launch only 10% (50,000,000) were made available. 

The project

Hooked Protocol has already raised about $6 million earlier this year with two rounds of private token sales, to which 20% of the tokens have been allocated. 

So it is already working on creating tailored product experiences to grow the community through massive adoption and training for Web3.

In the meantime, they are integrating the onboarding infrastructure for companies that are coming to Web3, with a mission to form an engaging ecosystem of future community-owned economies.

They want to create a true community gateway to Web3, equipped with various incentives, easy-access wallets, and decentralized identity.

It bases this on the gamified learning experience, which is a simplified educational system combined with immersive and inquisitive learning. In this way, it will be possible to learn basic Web3 concepts while playing. 

In addition, it is also working on Web3 emulation experiences so that users can participate in the main areas of crypto, such as NFT and GameFi

Wild Cash

Wild Cash is Hooked’s first pilot product, launched in Indonesia and Brazil, and currently with already over 2 million monthly active users. 

It is a Quiz-to-Earn dApp that is dominating in its field on Google Play in Indonesia, thanks to innovative mechanisms of earning money by answering questions. 

This is precisely the gamified learning experience of Hooked, which also through its Academy will continue to pursue educational initiatives to push for massive user adoption.

With Wild Cash, users can begin an immersive Web3 learning experience while earning token rewards. In addition, they can gain significant monetary benefits in particular by sharing the game through their social connections. 

After collecting tokens in this way, they can later stake and trade them. 

Binance Launchpad: the Hooked Protocol (HOOK) roadmap

The milestones already achieved so far are fundraising through the private sale, launching the dApp in Indonesia and Brazil, and reaching 2 million monthly active users.

The next steps include initiatives until the end of 2023. 

In the last quarter of 2022, Quiz-to-earn will be launched in other countries, and they will work with the tier 1 infrastructure on scalability solutions to facilitate strong future user growth. 

In the first six months of next year, they will work on a more diverse gamified learning experience, seek collaborations and partnerships with other Web3 projects to bring new applications to the Hooked protocol, and launch the wallet for community users. 

In the second half of 2023 they want to become a major Web3 pioneer community, establish a DAO as a governance structure, launch diverse applications, and develop application middleware solutions for ecosystem developers. 

Collaboration with Binance

Not only did Binance launch the HOOK token with its Launchpad, but the partnership between Hooked Protocol and BNB Chain turns out to be a long-term and lasting commitment.

The goal is to motivate the Hooked community to explore other applications on the BNB Chain ecosystem as well

In fact, Binance launched an official subscription program that for one week allowed BNB holders to take part in it prior to its market launch. When the HOOK token was launched in the market, subscribers received them in proportion to their locked BNB, directly to their wallet on Binance. 

This is not the first time that Binance has actively participated in a token launch, and indeed there have been many tokens launched on Launchpad over the years. 

Launchpad is precisely the section of Binance on which new tokens are launched, just before they are listed on the exchange. 

Since the market value after launch has often turned out to be higher than the pre-sale value, Launchpad is highly valued by many users. Then again, even in the case of HOOK, users who had taken it on pre-sale and sold it at the time of listing would have gained a lot. 

However, it is worth adding that over time several tokens launched in this way have since lost value. 

For example, GMT (STEPN) was launched in March, which in just a few weeks jumped from $0.13 to $3.8. Later, however, the price plummeted 90% from its peak, falling below $0.4, but still remaining above the launch price. 

Even worse did SFP (SafePal), which launched in February last year at about $1.3, and then fell all the way to below $0.5 after hitting a high at $4.2 a few days after launch. 

One of the earliest launches was GIFTO, which took place as early as December 2017 at around $0.3. 

The current price has plummeted to just above $0.01, after touching a high at $0.96 a few weeks after launch. From that high, it is now losing more than 98%, and shows no sign of recovering. 

One of those that seemed to be more important was the launch of FET (Fetch.ai) in February 2019

In that case, even the price started to fall immediately, as early as the following month, only to surge during the last big bull run last year, when it touched its all-time high at $1.1. 

The current price of $0.06 is 94% lower than last year’s all-time high, and much lower than the launch price of $0.3. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".
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