Hooked Protocol is a small but fast-growing platform.
Its activity has surged to position 1 in DappRadar rankings.
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.
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.
Crypto prices remained in a consolidation phase this week as concerns about FTX contagion continued. They also reacted to the latest interest rate decision by the Federal Reserve and the arrest of Sam Bankman-Fried. Here are some of the top crypto price predictions for the weekend.
Bitcoin price prediction
Bitcoin pulled back sharply after the latest interest rate decision by the Federal Reserve. This decline correlated with the performance of American indices like the Dow Jones and the Nasdaq 100 indices.
Bitcoin price dropped to a low of $16,923, which was the lowest level since December 12. It also declined below the important level at $17,395, which was the neckline of the inverted head and shoulders pattern.
It has also pulled back below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the neutral level of 50. Therefore, Bitcoin price will likely continue falling as contagion fears continue.
If this happens, the next key level to watch will be at $16,000. In the near term, however, a bullish breakout to $18,000 cannot be ruled out as the shakeup eases.
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OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
Binance Coin price has been in a strong bearish trend in the past few days. It collapsed to the lowest level since November this year. This decline accelerated this week as Bitcoin FUD trended in Twitter and other social media platforms like Reddit. FUD stands for Fear, Uncertainty, and Doubt.
Concerns about Binance continued after the arrest of Sam Bankman-Fried, which we wrote about in this article. Investors are worried about the significant information that we still don’t know about Binance. For one, it is unclear how much money Binance makes and how much debt it has.
Therefore, like Bitcoin, the BNB price will likely continue falling as sellers target the psychological level of $200.
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Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Cardano price plunged on Friday as concerns about the hawkish Fed continued. It has also fallen because of the underperformance of its DeFi and NFT ecosystem. NFT volume crashed to just $8 million in November, its lowest level in months.
On the daily chart, Cardano remains below all moving averages. It also crashed below the important support level at $0.300, the lowest level on December 13. The Relative Strength Index has moved to the oversold level. Cardano price will likely continue falling as sellers target the next key support at $0.2500.
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OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
Investor Kevin O’Leary is a hired FTX spokesperson in the ongoing FTX hearing.
O’Leary has asserted that Binance was behind the collapse of FTX.
Kevin however told the committee that that was an opinion and didn’t have records.
Kevin O’Leary, a hired FTX spokesperson, on Wednesday told the US Senate Committee hearing on the collapse of FTX that Binance was the cause of the FTX problems.
Kevin told the committee that when he inquired about Sam Bankman-Fried’s usage of customer funds, he was told that more than $3 billion were used in repurchasing the FTX shares that Binance held. When pressed by Senator Patrick Toomey on why FTX failed, Kevin said he only had an opinion but didn’t have the records.
Binance move to sell FTX tokens hurt FTX’s balance sheet
Kevin claimed that Binance CEO Changpeng Zhao’s move to sell the FTX tokens that it held was made to hurt FTX’s balance sheet. In Kevin’s words:
“In my view, my personal opinion, these two […] in an unregulated market […] with this incredible business in terms of growth were at war with each other, and one put the other out of business, intentionally.”
Kevin further added:
“Maybe there is nothing wrong with that, maybe there is nothing wrong with love and war, but Binance is a massive unregulated global monopoly now, and they put FTX out of business.”
Last week on Friday, Changpeng Zhao and Sam Bankman-Fried engaged in a Twitter feud defending the legality of their business empires and former remarks by Kevin O’Leary in a previous interview with CNBC were brought up in the argument.
XLM has lost more than 3% of its value in the last 24 hours.
MoneyGram has announced support for the Stellar Aid Assist
The total crypto market cap could fall below $800 billion soon.
MoneyGram announces support for Stellar Aid Assist
Payment service provider MoneyGram announced on Thursday that it now supports the Stellar Foundation’s Stellar Aid Assist. MoneyGram said it is the first-of-its-kind blockchain-powered aid disbursement system that delivers relief funds quickly, affordably and efficiently to individuals in crisis.
MoneyGram is proud to support our partners at the @StellarOrg (SDF) on the launch of Stellar Aid Assist, a first-of-its-kind blockchain-powered aid disbursement system that delivers relief funds quickly, affordably and efficiently to individuals in crisis.https://t.co/WwtGR2K3dK
Despite this latest cryptocurrency news, XLM, the native token of the Stellar blockchain, has been underperforming. The price of Stellar Lumens now stands at $0.0793, down by 3.5% in the last 24 hours.
The broader cryptocurrency market has also been underperforming over the past 24 hours. The total crypto market cap stands at $827, down by more than 3% so far today. The market cap could decline below $800 billion if the bearish trend continues.
Bitcoin is also underperforming today and could drop below the $17k support level before the end of the day.
Key levels to watch
The XLM/USD 4-hour chart is bearish, as Stellar Lumen has been underperforming over the past few days. The technical indicators show that XLM could dip lower soon.
The MACD line is below the neutral zone, indicating that the bears are currently in charge of the XLM market. The 14-day relative strength index of 34 shows that XLM could enter the oversold region soon.
If the bearish trend continues, XLM could drop below the first major support level at $0.07300 before the end of the day. With the bears still in charge, XLM could drop below the $0.0700 psychological level over the next few days.
However, the MoneyGram news could push XLM’s price higher in the near term. If that happens, XLM could push past the $0.08566 resistance level.
Where to buy Stellar Lumen now
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OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
FTX lawyers are seeking permission from a US bankruptcy court to be allowed to sell their businesses.
The businesses that FTX seek to auction were only acquired recently.
FTX wants to auction the businesses before they lose too much value or have their licenses permanently revoked.
FTX lawyers have filed for permission from a US bankruptcy court to be allowed to auction four of its active businesses. According to the filing made on December 15, FTX seeks to auction its Japanese and European FTX branches, stock-clearing platform Embed, and recently acquired derivatives exchange LedgerX.
According to the lawyers, the mentioned businesses have been under pressure since the collapse of FTX which is the main reason they seek auctioning. They note:
“The longer operations are suspended, the greater the risk to the value of the assets and the risk of a permanent revocation of licenses.”
FTX Japan and FTX Europe currently suspended
FTX Europe currently has its licenses and operations suspended while FTX Japan is currently under business suspension and improvement orders.
Besides the businesses’ suspensions, the lawyers argue that the businesses have lost customers and employees since FTX filed for bankruptcy. The lawyers also argue that selling the businesses now would enable them to resume operations and maximize value for the FTX estate.
The lawyers also point out that the four businesses were recently acquired by FTX and had been operating relatively independently of FTX which would make their auction process less complicated.
Set auction dates
If their prayers were to be allowed by the US court, the auctioning of the businesses would start on February 21 2023 assuming there is more than one bidder.
Embed would be the first to be auctioned on February 21, followed by Ledger which would be auctioned on March 7. FTX Japan and FTX Europe would both be auctioned on March 21.
