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Continuing today's memecoin recap series The first token I want to cover today is $WOLFPACK This has been one of the hotter names on Robinhood Chain recently, and quite a few people have been asking me to take a closer look at it After spending some time digging into the narrative, Hooke Protocol, liquidity structure, and the team's recent announcements, I think there's actually an interesting story behind $WOLFPACK However, there are also several things worth understanding before putting money into it 1. First, what exactly is $WOLFPACK? The most interesting part of this token is its narrative against Wolfpack Research, a well-known short-selling firm that previously published a highly critical report on XMax ($XMAX, formerly $XWIN) The $WOLFPACK team is using the Wolfpack name to build an opposing narrative, positioning themselves as the "Wolfpack of Robinhood" and trying to turn the token into a Wall Street meme that rallies the community against short sellers They've also been pushing the potential $XMAX short squeeze narrative, alongside memes like the dancing wolf to attract attention According to figures previously circulated within the community, $XMAX short interest was reportedly around 9.22M shares, equivalent to nearly 17 days to cover I haven't independently verified whether those figures are still accurate, so I wouldn't treat them as current short interest data And of course, high short interest doesn't automatically mean a short squeeze will happen. Even if $XMAX stock rallies significantly, that doesn't necessarily mean $WOLFPACK will benefit directly 2. The connection with Hooke Protocol is where things get more interesting Hooke Protocol (@hookefun) is developing a permissionless stock tokenization model on Robinhood Chain, using Uniswap V4 hooks and a dynamic trading tax mechanism One of its main products is $hXMAX, a tokenized stock designed to track the price of $XMAX shares through an oracle It's important to understand that $hXMAX isn't actual XMAX equity. It's an onchain token designed to replicate the stock's price movements According to Hooke's announcements, the protocol uses a dynamic trading tax of around 2–4%, with the collected revenue flowing into its treasury The $hXMAX/USGD pool was initially announced with approximately $10M in liquidity. Hooke also stated that the liquidity had been locked for 21 days However, a liquidity lock only restricts withdrawals during the lock period. It doesn't guarantee price stability or eliminate trading risks And this is where $WOLFPACK comes into the picture Rather than existing as a standalone meme, $WOLFPACK is directly paired with $hXMAX, creating a connection between memecoins, tokenized equities, and the short squeeze narrative in traditional markets I actually find the structure quite clever The meme attracts attention, that attention brings users toward $hXMAX, trading activity generates revenue for Hooke, and part of that revenue is expected to flow back into supporting $WOLFPACK But there's a difference between a model that looks good on paper and one that has actually proven itself 3. The biggest catalyst right now is the buyback mechanism Hooke has publicly announced plans to use tax revenue generated from $hXMAX trading activity to buy back $WOLFPACK, instead of prioritizing $hXMAX buybacks as originally planned They've also mentioned using future launchpad revenue to continue buying back the token To me, this is what makes $WOLFPACK different from many ordinary memecoins If Hooke actually implements consistent buybacks, the token could benefit from an additional source of demand beyond speculative community buying But there's one extremely important detail here $WOLFPACK itself is essentially a standard ERC-20 token Based on the contract information available to me, its source code hasn't been verified. That's a significant risk because it prevents a complete review of potential administrative privileges and hidden contract functions I also haven't seen evidence confirming any built-in tax, burn, or automatic buyback mechanism within the token contract itself In other words, the proposed buyback mechanism operates outside the token contract and depends entirely on Hooke's decisions and execution At the time of my research, I hadn't found onchain evidence confirming that Hooke had actually executed any $WOLFPACK buybacks There were also no verified figures showing how many tokens had been repurchased or how much capital had been deployed Hooke previously mentioned a treasury of approximately $200K, but I haven't seen a sufficiently detailed public dashboard to verify the balance, actual tax revenue, or funds allocated toward buybacks So for now, I still consider this a commitment from the team rather than a proven mechanism generating consistent buying pressure 4. Another important point is $WOLFPACK's actual position within the ecosystem In my view, the core alpha Hooke is trying to build lies in $hXMAX and its stock tokenization infrastructure, not necessarily $WOLFPACK itself $hXMAX is the main product, while $WOLFPACK functions more like an attention layer attached to the ecosystem to attract users and strengthen the narrative That's not necessarily a bad thing In memecoin markets, attention can sometimes matter more than utility, especially when a token can continuously benefit from activity surrounding a related product But it also means $WOLFPACK is heavily dependent on Hooke If $hXMAX loses trading volume, the launchpad gets delayed, or Hooke stops supporting the token, the current narrative could weaken very quickly It's also worth mentioning that the launchpad is still in the planning stage, and I haven't seen a concrete launch timeline Therefore, any future launchpad revenue allocated toward buybacks remains speculative at this point 5. Let's talk about the team and transparency The official @wolfpackmeme account was created on September 7, 2026 It's still relatively new, with no publicly disclosed founder or identifiable development team Hooke Protocol also hasn't clearly disclosed the identities of the people behind the project, based on the information I've gathered One interesting detail is that both @wolfpackmeme and @hookefun were reportedly created on the same day, September 7, 2026, and both show Taiwan as their signup country That's an interesting coincidence worth paying attention to However, it's nowhere near enough evidence to conclude that both projects are operated by the same team or individuals I also haven't found evidence that Vlad Tenev, Robinhood, or other major public figures have directly acknowledged or officially supported $WOLFPACK Just because a project is building on Robinhood Chain doesn't mean Robinhood itself is backing it That's an important distinction 6. Now let's look at the chart, which is what matters most to me when planning an entry $WOLFPACK had an explosive move from a very low market cap to an ATH of approximately $6.5–6.8M before correcting back toward $2M That's nearly a 70% drawdown from the top Looking at the current structure, selling pressure appears to have cooled significantly compared to the initial distribution phase However, the chart is still forming lower highs, and trading volume has also been declining Based on my personal observations, the current $2M market cap area looks relatively reasonable for a small speculative bet if you're comfortable with the risk That said, there's still no confirmed reversal For those looking for a more conservative entry, I'd personally prefer waiting for a dip toward the $1.4M market cap area and watching how price and buyers react there If market cap breaks below $1M, I'd cut the position rather than stubbornly holding and hoping the narrative comes back Another thing worth considering is liquidity The token's liquidity is still relatively thin compared to its volatility, so don't focus solely on market cap while ignoring slippage and how difficult exiting a position could become during heavy selling 7. So what could actually push $WOLFPACK higher from here? I think there are three main catalysts worth watching First, Hooke needs to execute real buybacks and publicly share the onchain transactions That would be the most important step in turning the current narrative from promises into something measurable Second, the Hooke launchpad needs to go live If the platform allows projects to launch tokens paired with $hXMAX and successfully generates revenue, the buyback model could gain a more sustainable source of funding Third, we need to watch the performance of $XMAX stock and whether the short squeeze narrative continues attracting attention If that story gains momentum, $WOLFPACK could benefit from the additional exposure On the other hand, if there are no buybacks, no meaningful product updates, and trading volume continues fading, I think it'll be difficult for the token to maintain momentum purely through memes Overall, I see $WOLFPACK as an interesting narrative play, but still a highly speculative one I like how the team has connected Wolfpack Research, the $XMAX short squeeze story, and Hooke Protocol into a relatively unique narrative The fact that Hooke has publicly committed to using revenue for buybacks is particularly worth monitoring But before increasing my conviction, I want to see actual buyback transactions, more transparent treasury data, and clearer progress on the launchpad For now, I think $WOLFPACK could be worth a small gamble at the right entry, but it's not something I'd size heavily into based on the current information If you're already holding, I'd keep an eye on price action around $2M and any updates from Hooke If you're not in yet, there's no reason to FOMO. I'd rather wait patiently for a better entry The narrative is there. The attention is there. What's missing now is execution from the team 0x5199ea953D71D6a5413bE1b2EFeCD26aAcab0000