HOOK price defies gravity as Hooked Protocol activity rises

December 16, 2022 | by olympieioncryptonews

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Hooked Protocol price defied gravity as the developers started airdrop distributions. It also rose as the platform rose to the top of the DappRadar rankings of the top BSC chain networks. HOOK rose to $2, which was much higher than this month’s low of $0.10.

What is Hooked Protocol and why is it rising?

Hooked Protocol is an on-ramp layer that hopes to guide the broad web3 adoption. Its main product is known as Wild Cash, which is a platform that provides quiz-to-earn and other gaming solutions with over 2 million users.

It also makes it possible for users to earn rewards through their Proof of Work (PoW) mechanisms by contributing to its platform. Further, users can refer other people to earn rewards in the ecosystem. Wild Cash’s Android app has over 1 million users and a 4.8 star rating.

There are several reasons why the HOOK price has defied gravity in the past few days. First, the developer started distributing the first batch of airdrops on Thursday. According to BscScan, there are now tokens worth $187 million in its airdrop wallet.

This airdrop was meant to reward early supporters of the network on the Hooked Party Pass NFTs. It also supports the motivation of users to continue building on the network. There will be five more airdrop batches in the coming months.

The last five airdrops will be for existing Hooked Party Pass NFT holder and long-term community contributors. They will happen on the first day of each month.

HOOK price also rose as it rose to the top ranking of the social section of DappRadar rankings of the most active apps.

https://twitter.com/HookedProtocol/status/1603266717282889728

Hook price prediction

The hourly chart shows that the HOOK price has been in a consolidation phase in the past few days. It has been hovering at the important level of $2.0 This price is along the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has risen above the neutral point of 50.

Therefore, Hooked Protocol price will likely drop during the weekend as the enthusiasm of the airdrop fades. If this happens, the token will likely drop to about $1.50.