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BNB Price Jumps 17% as HOOK to Be Released on Binance Launchpad

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Wed, 23/11/2022 - 13:26
BNB Price Jumps 17% as HOOK to Be Released on Binance Launchpad
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Prominent crypto blogger BitBoy has posted an astonished tweet at the sudden rise of Binance Coin (BNB), as the price has jumped around 17%.

Earlier today, Binance Twitter handle shared the news about Binance Launchpad releasing a new project and launching its token sale.

29th project to start on Binance Launchpad

In a recent official blog post, Binance has shared details of the upcoming token sale of HOOK, a native cryptocurrency of the Hooked Protocol.

The token sale will be conducted as a lottery as with the previous projects launched by Binance on its platform. Recording participants' BNB balances will begin today at 00:00 UTC and last until the same time on Dec. 1. Snapshots of balances will be made on an hourly basis during that period of seven days.

The overall amount of HOOK coins allocated to Binance Launchpad is 25 million, which is 5% of the overall supply of this token – 500 million HOOK. The price of one token is $0.1, but the price in BNB will be determined later on, before the subscription.

Among earlier projects that first set out on Binance Launchpad was Polygon (MATIC). At the time of this writing, it is rising over a modest 5%.

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Image via CoinMarketCap

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Binance has made a strategic investment in NGRAVE self-custody wallet and will lead its Series A round. The largest exchange by volume has decided to capitalize on the growing demand for hardware wallets.

The rise has been observed after the recent collapse of the major crypto exchange FTX.

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