HOOK Drops Nearly 20% After Announcing Transfer of 100 Million Tokens to Binance
The price of HOOK tokens has plunged nearly 20% following the announcement that the project will transfer locked tokens to Binance Custody.
HOOK Drops After Decision to Transfer 100 Million Tokens to Binance
On the afternoon of December 9, Hooked Protocol announced it would be transferring 100 million HOOK tokens from the project team's allocation to Binance Custody, along with the wallet addresses listed. The total supply and circulating supply of HOOK will remain unchanged following this transfer.
Public Service Announcement:
— Hooked Protocol🪝 (@HookedProtocol) December 9, 2022
As part of our collaboration with Binance, we will be transferring team’s allocation of HOOK token (100 million HOOK tokens) to Binance Custody.
These tokens will remain locked, with fixed release schedule: 1 year cliff + 60 month linear release.
As of the latest update, Hooked has successfully moved the 100 million tokens to Binance. The organization emphasized that these tokens remain locked and will adhere to the predetermined vesting schedule: locked for the first year and gradually released over the following six months.
Additionally, the project has reiterated its development roadmap and commitment to transparency, hoping users will continue to support and share its Web3 mission moving forward.
We released our year 2023 roadmap: https://t.co/VM4nHLv3Xz. We will be sharing detailed progress along the way, to further increase the transparency to our community.
— Hooked Protocol🪝 (@HookedProtocol) December 12, 2022
This decision has raised concerns and skepticism within the community. Anticipating such reactions, the project has clarified that it is not connected to any recent price fluctuations of HOOK and advised users to conduct their own research (DYOR) before making investment decisions. Despite these assurances, HOOK's price experienced significant volatility, dropping nearly 20% following the announcement and trading around $1.92.
1H Chart of HOOK/USDT on Binance as of 10:55 AM, December 13, 2022
As reported by Coin68, Hooked Protocol is the 29th project to launch on Binance Launchpad, debuting with an ATH 50 times higher than its IEO price and announcing an airdrop for users. Meanwhile, Binance is facing serious FUD from U.S. authorities over allegations of sanctions violations and anti-money laundering issues. Over the past 24 hours, more than $902 million has exited the exchange.
