HEX Price Prediction | What Is HEX? (2024)

Contents

• What is Hex (HEX)?
• Is HEX a scam?
• From the HEX white paper
• HEX price history
• HEX price prediction
• FAQs

HEX was designed to offer a high annual percentage yield (APY) for investors holding onto the cryptocurrency. But it has faced a bumpy journey, which has included scam allegations.

The native cryptocurrency Hex (HEX)is showing signs of weakness, but a recent surge in price might spell a turnaround. Like the wider crypto market, its value has plummeted throughout2022. Does theHEX price predictionsuggest the token has a brighter future?

What is Hex (HEX)?

The idea for HEX stemmed from the poor return on investment offered bytraditional banks. Founded by Richard Heart, the HEX team wanted to create a currency that would allow investors to earn high passive rewards.

HEX holders can stake the cryptocurrency by locking it up for any period between one and 5,555 days. The official website says investors will earn an average annual percentage yield (APY)of 38%.

The initial high inflation phase took place in HEX’s first year, where the majority of tokens were minted. Now, the inflation is locked into a 3.69% increase of HEX tokens every year. This is rewarded to the stakers in return for maintaining the HEX price.

But as HEX is an inflationary cryptocurrency, it will struggle to hold up a high price point. The abundance of a cryptocurrency tends to result in a lower price, as the supply is higher than the demand.

Is HEX a scam?

Hex has refuted claims it is a Ponzi scheme and highlighted clear differences, insisting it uses a different method to meet its promised rewards.

“In HEX, the yield which is paid to stakers comes only from inflation and not other users. This is programmed into the immutable smart contract without any middlemen,” says HEX on its website.

The platform has also looked into its security. When HEX launched in December 2019, CoinFabrik completed anaudit of its smart contract. While no critical issues were found, it discovered several “minor” problems. The audit said: “Two of them could have an impact in the future, but are not a problem right now. The last one requires a determined attacker with knowledge of how signatures and hash functions work.”

The HEX team has addressed the issues found on the report. It fixed some problems, but the team decided not all required resolving.

From the HEX white paper

The white paper states: “HEX is a project to recreate a common banking product called a Time Deposit. It is an ERC-20 token and fully automated in the form of a smart contract on the Ethereum blockchain.”

The document goes on to say: “HEX is like Bitcoin with a Proof-of-Work change. BTC and HEX are analogous. Bitcoin and HEX are peer-to-peer networks that store and transmit value. In Bitcoin, miners buy mining hardware and electricity from companies. In HEX, miners buy HEX from other HEX holders then use time to mine. HEX is Proof of Wait instead of Proof of Work.”

HEX price history

HEX went live on 2 December 2019 and was trading at $0.0002 on 17 December. It took till May 2020 before it saw its first price surge. This came as the total value locked (TVL) into the staking protocol climbed from below $50m in early April to $340m on 15 May, according to DeFi Llama. On the same day, HEX closed at $0.006.

The cryptocurrency rallied again in November after a staking app that supported HEX went live. The staking tokenreached $0.0014 on 1 November.

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The staking token saw the start of its biggest rally in May 2021, when it climbed above the $0.01 mark to a daily high of $0.06965 on 14 May. This followed the platform becoming much more popular and the TVL soaring in value – by 14 May, its TVL come close to $4bn.

HEX peaked again, closing on 15 July 2021 at $0.1715. Heart started to launch his own blockchain, titled PulseChain that month. This is an Ethereum hard fork that was initially created to allow HEX holders to avoid the high gas fees. Along with HEX, Heart created another cryptocurrency titled PulseX, which investors could preorder in July.

The price of HEX then went on to skyrocket in September, racing to a daily high of $0.4893 on 10 September and a daily high of$0.4927eight days later. Confusion was sparked by the effect thissurgehad on its market cap.

Some sources, such asKalkine Media,said HEX became the third biggest cryptocurrency by market cap. However, Benzinga found this challenging to verify. If HEX did reach the top three, it was only temporary. CoinMarketCap said it was ranked number 20 on the week of 20 September.

HEX lost these gains by the end of October and was trading around $0.2325. However, there was more uncertainty as, according to CoinMarketCap,HEX reached its all-time high of $0.5561on 16 November. Traders Of Crypto said: “The rise proved to be very short-lived, and probably a reporting anomaly, as HEX returned to position 201 based on its market capitalisation.”

The staking token did climb slightly in December. The second version of the PulseChain testnet went live on 11 December. HEX climbed from $0.1606 on the launch day to $0.3441 on 29 December 2021.

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HEX has fallen dramatically since, hitting lows of $0.02866 on 18 June.However, as of 25 Julyand at the time of writing the token is trading at $0.04167. According to data from CoinMarketCap, HEX is the 201st-largest crypto by market cap. Will more investors be convinced to start staking HEX again?

HEX price prediction

A HEX price prediction for 2025 from PricePrediction.netexpects HEX to reach $0.49. It believesthe cryptocurrency will grow to $0.69in 2026 and will pass the $1 mark in 2027.

Gov Capital’s HEX price prediction for 2022 estimates it could pass the $0.10mark in August.It expects HEX to climb above $1 in September 2024, and reach $2 in July 2026. Its HEX crypto price prediction argues it to be worth $2.829in five years’ time.

DigitalCoinPrice does not think HEX will surpass $0.20 by 2030, making it a comparatively bearish prediction. It expects HEX to stay largely under the $0.10 mark until 2027. Its HEX price prediction for 2030 is only $0.19, andmakes aHEX coin price prediction for 2031 of $0.21.

The price predictions seem to suggestHEX has what it takes to stand out from the crowd and become even more popular in the coming years. However, cryptocurrencies have started to emerge offering much higher APY interest. HEX certainly has its work cut out if it is to compete with more established crypto in the markets.

FAQs

Further reading