Introduced in December 2019 by Richard Schueler, HEX seeks to bring certificates of deposit to the blockchain. The HEX coin price reached its pinnacle on 16 November 2021, soaring to an all-time high of $0.5561. However, in a few months, the token and a significant portion of the crypto market experienced a sharp decline in value.
What is HEX?
HEX, a blockchain-based cryptocurrency, allows users to purchase and hold HEX like any ERC20 token or potentially stake it to earn rewards.
What sets HEX apart from other cryptocurrencies is its staking feature. Holders can stake their HEX, reducing the token’s supply and exerting upward pressure on its price. The staking rewards depend on the length of the stake, with longer durations potentially yielding higher returns. Active stakes may also earn additional yield when individuals end their stakes earlier or later than originally committed.
During its launch, HEX distributed free coins through an airdrop to Bitcoin holders, who could claim HEX using the MetaMask wallet. This strategy aimed to attract interest and promote the adoption of HEX within the crypto community.
HEX Coin Price History
When HEX made its debut on the open market in late 2019, it started at a value of approximately $0.00025. Throughout the following year, it remained relatively stable at this level. However, the market turned bullish in early 2021, leading to a significant surge in the token’s value, reaching as high as $0.06 in early May.
Despite a subsequent downturn, the HEX coin price showcased remarkable resilience during the summer, surpassing the $0.10 mark in July and climbing to a peak of slightly over $0.48 on 18 September 2021. Following this, it experienced another dip before achieving an all-time high of $0.5561 on 16 November 2021, closing the year at $0.285.
The year 2022 has been challenging for the overall crypto market, and HEX also faced a considerable decline, reaching its lowest point at $0.02866 on 18 June. Since then, the token has seen slow, intermittent recovery, with its price around $0.02868 on 21 November 2022.
At that time, approximately 173 billion HEX tokens were in circulation out of a total supply of slightly over 633.5 billion, resulting in a market cap of around $4.9 billion. These figures ranked HEX as the 202nd-largest cryptocurrency by market capitalization.
HEX Coin Price Predictions
Various sources have made HEX price predictions, painting a mixed picture for the token’s future value.
According to CaptainAltCoin’s forecast, HEX coin price could experience a partial recovery to $0.0406 in November 2023, followed by a potential rise to $0.0699 in 2025. However, HEX might become worthless and vanish into oblivion by 2027, with no signs of recovery, even in the HEX price prediction for 2040.
CoinArbitrageBot’s HEX price prediction indicated a potential increase to $0.029 in the current year, followed by a climb to $0.12527 in 2023. The forecast continued with estimates of the token reaching $0.22304 in 2024 and $0.36088 in 2025.
PricePrediction offered a slightly different perspective, projecting HEX to reach $0.048 in 2023, $0.069 in 2024, and $0.10 in 2025. It further suggested a continued upward trend, with the HEX coin price potentially closing the decade at around $0.48 and reaching $0.71 in 2030 before hitting $1.04 in the subsequent year.
Lastly, Gov Capital’s HEX price prediction 2022 stood at $0.0890 by the end of December. The site’s one-year forecast projected a value of $0.289, while its five-year forecast predicted the token to reach $1.977.
Is HEX A Good Investment?
The debate surrounding HEX as a good investment or a potential scam remains contentious.
On the one hand, the fact that the HEX coin price is low and it offers high staking yields makes it attractive, potentially leading to price growth with increased demand. Besides, external audits have found no bugs in its system, adding to its legitimacy.
On the other hand, some red flags raise concerns. The founder’s history of spamming admitted to using tactics resembling scams, and the lack of a practical use case for the token has made investors wary. Furthermore, the staking mechanism has been likened to a Ponzi scheme, discouraging early withdrawals.
Where To Buy HEX Tokens?
HEX can only be purchased on decentralised exchanges (DEXs) such as Uniswap and 1Inch. However, there are some considerations to keep in mind when using DEXs for buying HEX:
- DEXs have a steeper learning curve than centralised exchanges, so getting familiar with the interface might take some time.
- DEXs are more volatile, leading to greater price fluctuations. Staying informed about the current cryptocurrency market is essential.
- Unlike centralised exchanges, DEXs lack customer support. If any issues arise, users must resolve them independently or seek assistance from the community.
Despite these drawbacks, DEXs are currently the sole option for purchasing HEX coins.
Conclusion
HEX seeks to revolutionise the DeFi sector as the pioneer certificate of deposit, offering high guaranteed yields for investors. While it may appear promising at first glance, caution is advised. Projects like HEX that promise substantial returns often have significant risks. Therefore, thorough research is crucial before making any investment decision. If you invest in HEX, start with small amounts to mitigate potential risks.
