The Hooked Protocol, a Binance IEO project, has recently come under scrutiny from the community for potential insider trading activities.
Concerns were raised when it was noticed that a multi-signature address, believed to be associated with the official project, transferred HOOK tokens valued at approximately $4.52 million to Binance shortly before a major fund announcement. This transaction occurred two-to-four hours prior to the unveiling of a new $50 million fund, leading to speculation about the timing of the transfer.
Subsequent to the announcement, the price of HOOK experienced a temporary surge, peaking at $1.24, before retracting to $1.05 within a span of just over four hours. Market watchers and investors are questioning the fairness and transparency of the operations, pointing to the price volatility as a sign of possible information asymmetry.
A closer examination of Hooked Protocol’s market data reveals a wider context for these events. The token is currently trading at $1.07, with a 24-hour trading volume of $22,707,605. While it has seen a 7-day increase of 11.75%, its 30-day and 180-day metrics show a decrease of 21.86% and 26.78% respectively. Hooked Protocol’s price is significantly down from its all-time high (ATH) of $4.07, representing a 73.73% drop.
Read the full article here