Coconut oil actually DOES moisturize your hair. It is one of a few oils that actually does penetrate the hair shaft. It does not have protein in it but it does help prevent protein loss which will make your hair stronger and appear thicker.
I actually started using coconut oil back in January. I use it as an overnight DT (which my hair is very well moisturized after), I add it to my whipped shea butter as well. Coconut oil is great for those that it works for. Unfortunately as with everything else, because everything does not work for everyone it may be a bust for some people however I for one LOVE IT and it has become a permanent part of my reggie!