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HEX’s Dramatic Fall: Were The Critics Right The Whole Time?

Torsten Hartmann

June 8, 2023

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In the ever-evolving landscape of cryptocurrencies, one digital asset has recently been the subject of intense scrutiny and debate: HEX. This controversial cryptocurrency, founded by Richard Heart, has seen a dramatic fall from grace, with its value plummeting 82% in recent months and a staggering 97% from its all-time high.

HEX was launched in December 2019 by entrepreneur Richard Heart, who has over 20 years of experience in software development and marketing. HEX allows users to act as their own bank by staking their HEX to reduce the supply, which puts upwards pressure on the token’s price. Longer stakes may potentially earn higher rewards, and active stakes may potentially earn additional yield when people end their stakes earlier or later than committed.

The HEX Debate: A Tale of Two Sides

Earlier this year, a wave of skepticism swept across the crypto community. Critics labeled HEX a Ponzi scheme, pointing fingers at its founder, Richard Heart, as a scammer. This sparked a backlash from the HEX community, who defended the digital asset vehemently. They accused the critics of being driven by jealousy, claiming that their gains would lead to wealth while the naysayers would remain in financial stagnation.

The Turning Tide: HEX’s Downfall

Fast forward to the present, and the tide seems to have turned. HEX has experienced a significant decrease in value. Many attribute this decline to Heart, who owns a whopping 90% of the HEX supply. It’s believed that Heart sold a large portion of his HEX for the “sister layer-1 network” Pulsechain. This new network, which launched on May 14th as a hard fork of Ethereum, has been labeled as Heart’s newest scam. Users have reported high fees and poor functionality, further fueling the controversy surrounding HEX.

The Aftermath: A Community in Turmoil

The fallout from HEX’s dramatic decline has left its community in a state of turmoil. Many users have found their HEX locked up, leaving them unable to exit their positions. The confusion and complaints have grown, with users seeking advice on how to sell their HEX. This shift in sentiment suggests that the community is beginning to question the legitimacy of HEX.

The Future: Uncertainty Looms

Despite the current predicament, some users argue that the situation isn’t as dire as it seems. They claim that the HEX supply “duplicated” and every holder received 100% more HEX on the new PulseChain, accounting for at least 50% of the value drop. However, skepticism remains high, with critics warning others to steer clear of HEX. They point out the emphasis on potential profits on the HEX website, which they see as a red flag.

HEX Price Action Summary

HEX, a blockchain-based cryptocurrency, has seen a decline in its price today. The current price of HEX is approximately $0.0014763202258, with a 24-hour trading volume of $6,846,357. This represents a 1.50% price decline in the last 24 hours and a 6.01% price decline in the past 7 days.

The highest price paid for HEX was $0.510830, which was recorded on Sep 19, 2021. Comparatively, the current price is 97.10% lower than the all-time high price. The lowest price paid for HEX was $0.0000056447521, which was recorded on Jan 05, 2020. Comparatively, the current price is 2633290% higher than the all-time low price.

The trading volume of HEX is $6,846,357.30 in the last 24 hours, representing a 44.80% decrease from one day ago and signaling a recent fall in market activity. HEX tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade HEX is BKEX, where the most active trading pair, HEX/USDT, has a trading volume of $1,345,171.72 in the last 24 hours. Other popular options include Tokpie and MEXC Global.