Ethereum Network issues with scalability and high gas prices encouraged many new crypto projects to try and overperform the most used blockchain network. HEX token is one of the assets designed to beat Ethereum. Since the launch, it has already achieved incredible results and aims to go further. Read our HEX token price prediction to see if the asset has much potential.
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HEX Fundamental Analysis
HEX is a certificate of Deposit on the blockchain, meaning its main purpose is to be a store of value replacing the traditional financial products with the ones based on crypto. The other purpose is to leverage DeFi projects on Ethereum Network that is used as a transactions layer (for sending and receiving tokens and also for interacting with HEX smart contracts).
HEX is an ERC-20 token. It is distributed to the Bitcoin holders through the snapshot of Bitcoin UTXO at a rate of 1 BTC = 10 000 HEX. The users were able to obtain the tokens a year after the network launch, which happened in December 2019. The other way to get the tokens is to exchange them for Ethereum through the HEX smart contract.
By staking HEX tokens users get a chance to get the share of the coins from the new issuance or inflation. It is also designed to push the operations encouraging price appreciation and disincentivize the behaviors causing harm to the price. HEX smart contract fines the users if they end their stake early or rewards them when they stake bigger amounts of HEX for a longer period. The average interest for staking HEX tokens is 40% a year.
Interestingly, the HEX share price increased more than 10000 times since the launch date. The token also has low inflation — not more than 3,69% after the first year of launch. It is supported by the MetaMask wallet and listed on 202 exchanges.
According to the official website, HEX is the first crypto in the world with a chart of its future locked supply that shows when the big stakes are set for expiration, so the users can plan the activity accordingly.
HEX Live Price Chart
From the beginning of the year, the HEX price stayed stable at the level of $0.006- $0.013 and didn’t change significantly till the beginning of May. At the time when the crypto market went up HEX coin also started to steadily gain price.
The first wave of the uptrend made the token reach $0.064 and then went for price correction falling to $0.04. Shortly after that the price recovered and started to grow again reaching $0.062 by the end of May.
During the summer the token was following the bullish trend and by the middle of July was trading for $0.17. After this milestone, the token went down and in one month its value decreased to $0.13. From mid-August asset was rising again and went along with the overall crypto market that experienced a surge. HEX token reached $0.046 on September 9 and maintained the same price level till the beginning of October, when the token went bearish and started to decline.
On November 16 HEX coin reached its all-time high of $0.55, but couldn’t sustain a high price level and went to the support level of $0.22. In the last 7 days, HEX increased 58% in price and according to the graphics it’s preparing for the next bullish run.