Demystifying Hex (HEX) and Analyzing Its Recent Gains in the Crypto Markets
- Hex has been the subject of doubts about its legitimacy since its inception.
- However, the HEX token has continued to gain in value since its $0.0001 value witnessed on January 1st.
- HEX is currently valued at $0.000436.
The Hex (HEX) crypto project was launched by Richard Hear on December 2nd, 2019. Since then, the token has enjoyed handsome gains in the crypto markets even with the current market turmoil as a result of the global economic effects of the Coronavirus.
Continual Gains of HEX in the Crypto Markets
Further checking Coinmarketcap, we find that the token was valued at $0.000203 on the 14th of March and is now valued at $0.00436 at the time of writing this. Doing the math, this is a 114% gain in 10 days.
When we do this analysis using the January 1st price of $0.0001 we get a 336% in gains for the year. Believers of HEX have expressed their excitement via Twitter as can be seen in the tweet below.
For those of you peeking through the bushes at #HEX, I see you, I hear what you're saying on the tubes and it's all of you. The fud is changing to perhaps in your voices. Stop wallowing in the suck, stop worrying about what if and embrace what will be. HEX Kung Fu is stronk!
— RG3 (@RG330085534) March 23, 2020
What is HEX?
HEX defines itself as the first high-interest blockchain Certificate of Deposit (C.Ds). HEX runs on the Ethereum blockchain and uses a smart contract for staking HEX. Users can lock-up their tokens for a chosen time and get a reward in return. The longer you stake, the higher your Return on Investment. The HEX website further explains the algorithms used to run it as follows:
HEX is a hybrid proof of work(POW) and proof of stake(POS) system. Stakers are paid handsomely in HEX while miners can be paid just pennies in ETH to perform your HEX transaction.
Is HEX a Worthwhile Investment?
The HEX project has received a lot of FUD for some time now. There is even a website dedicated to explaining why it is a scam. The site outlines a list of reasons why the project should be doubted. There is also a list of online publications singing the same tune that it is a scam.
As with all new projects in the crypto-verse, it is advised for any potential investor to do their due diligence by researching the founders, team members and examining the real-life problem it solves.
Furthermore, a listing by a prominent exchange is the usual rubber stamp of trustworthiness. Therefore, anyone wishing to invest in HEX has access to Coinmarketcap.com where they can review the exchanges the token is listed on. They include:
Summing it Up
The HEX project has caused a stir in the crypto-verse due to the fact that the token is doing extremely well in the markets. The project has also been the subject of a lot of FUD that claim it is a scam. Investors are therefore advised to do their due diligence with regards to its revenue model as well as the team behind it. One way of knowing if a project has a solid future is by examining the exchanges it is listed on. The more prominent the exchange, the more likely the project is legitimate.
(Feature image courtesy of Aron Visuals on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
John P. Njui Author
Crypto Enthusiast. Terrible dancer. Former DJ. Amateur Marathoner. Electrical Engineer. Kool kat.