HOOKR, the token tied to Robinhood Chain launch platform Hookr.fun, extended its rally on Aug. 31, according to GMGN tracking cited by BlockBeats. The token’s market cap was last seen at $19.05 million and at one point came close to $20 million. Over the past 24 hours, HOOKR was up 50%, while trading volume reached $5.5 million. BlockBeats said HOOKR’s market cap had been only about $500,000 on Aug. 20, implying an expansion of nearly 40x at the day’s peak valuation. Hookr.fun rolled out V5 between Aug. 20 and Aug. 21 and currently supports two token launch models: Instant Launch and Bonded Auction. Early on Aug. 30 Beijing time, Hookr said cumulative HOOKR burns were about to reach 2.5 million tokens and teased that “a big wave of updates is coming.” Under Hookr’s rules, qualified swaps in its ETH trading pair are charged a 0.3% protocol fee. The accumulated ETH is then used to buy back HOOKR on the market and permanently burn it within the same transaction. BlockBeats added that the recent rise in burn volume may be seen by funds as a sign that platform trading activity is starting to translate into buying demand for HOOKR.
HOOKR, the token of Robinhood Chain ecosystem launch platform Hookr.fun, kept accelerating higher on Aug. 31, according to GMGN monitoring cited by BlockBeats. Its market cap was last reported at $19.05 million, and at the session high it briefly approached $20 million. The token was up 50% over 24 hours, with trading volume over the same period reaching $5.5 million.
On Aug. 20, HOOKR’s market cap was still only about $500,000. Based on the day’s high, its valuation expanded by nearly 40x.
Hookr.fun V5 is live
Hookr.fun launched V5 between Aug. 20 and Aug. 21. The platform currently supports two issuance models: Instant Launch and Bonded Auction.
Burn mechanism and latest update
Early on Aug. 30, Beijing time, Hookr said cumulative HOOKR burns were about to reach 2.5 million tokens and previewed that “a big wave of updates is coming.”
Under Hookr’s rules, qualified swaps in its ETH trading pair are subject to a 0.3% protocol fee. The accumulated ETH is used to buy HOOKR back from the market and permanently burn the tokens within the same transaction.
BlockBeats said the recent fast increase in burn volume may be viewed by funds as a sign that trading activity on the platform is starting to convert into buy-side demand for HOOKR.
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