Binance Coin is up 16% as Binance Launchpad kicks off a new project and coin sale

Famous cryptocurrency blogger BitBoy tweeted his surprise at the unexpected Binance Coin (BNB) surge, whose price has increased by almost 17%.

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

Earlier today, Binance Launchpad announced the release of a new project and the beginning of its token sale via its Twitter account.

Details of the impending token sale for HOOK, the native cryptocurrency of the Hooked Protocol, were recently released by Binance on its official blog. Like past projects Binance has launched on its platform, the token sale will be handled as a lottery. Beginning at 0:00 UTC today and continuing through 0:00 UTC on December 1, participants’ BNB balances will be recorded. Throughout those seven days, balance snapshots will be taken hourly.

The total number of HOOK coins granted to Binance Launchpad is 25 million, or 5% of the 500 million HOOK in circulation. One token cost one cent, however, the price in BNB won’t be decided until after the subscription. Polygon was one of the earliest initiatives launched on Binance Launchpad (MATIC). It is currently increasing by more than a modest 5%.

The self-custody wallet NGRAVE has received a strategic investment from Binance, and the company will manage its Series A financing. The largest exchange in terms of volume has made the decision to take advantage of the rising interest in hardware wallets. The increase was noticed following the recent failure of the important cryptocurrency exchange FTX.

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