Hex is one of the most popular tokens of all time, and it has secured a good place in the crypto world. It was launched on the Ethereum blockchain in 2019 by its founder, Richard Heart. It is also the first blockchain CD (certificate-of-deposit) that gives the privilege to users to stake their tokens in exchange for interest. The longer you stake, the more interest you can potentially earn, 38% for 5555 days.
The popularity and fame couldn't last as it is down by 99% from its all-time high of $0.486 reached in September 2021.
In this article, we will discuss the reasons behind the controversial drop of HEX tokens. Let's dive into it.
HEX Price Faces a Massive Slump
HEX price is currently downed by 89.96% in one year. Currently, the price is still moving with 2.02% down in 24 hours at the time of writing. This massive slump could result in the breakdown of interest-bearing certificate-of-deposit.
Furthermore, the remarkable boost of HEX performance couldn't, as it is currently down by 99.34% from September 19, 2021, to the current date. HEX, a financial tool, has skyrocketed since it was launched in 2019 to 2021. It has recently received a swath of criticism from industry experts.
Uniswap, the largest decentralized exchange in the world, blacklisted HEX tokens. They have removed and unlisted HEX tokens from its interface. It is also labeled as an "unsupported tokens" list with a general note that it doesn't support tokens that violate other trademarks.
Moreover, the SEC has also declared HEX illegal with an unregistered security tag in the lawsuit against Richard Heart, the founder of the HEX token, Pulsechain, and PulseX. They had sued Richart Heart because of raising $1 billion in unregistered securities since 2019 and also pumping the price of the token by committing huge violations of securities laws.
Furthermore, HEX assured the users they could double their money by employing the lowest values of HEX/BTC. However, it has been completely opposite of it since its launch in 2019. It, of course, dismayed the users about HEX, and they lost trust in the security. Additionally, he also downplayed things in the usual manner. One of his tweets was:
"The amount of bad takes in crypto this week is crazy to me. People got into HEX far lower than it is now. Then some got PulseChain for free and it went from $0 to $0.0002833 (Which is about $3 per 10,000.) Only 18 days ago! You could have got HEX, or PLS or PLSX cheaper than now just 23 days ago. PLS, PLX, INC, HEX on pulsechain aren't even 30 days old..."
Posted using LasseCash