Hex is one of the most controversial projects.
Richard Heart, the founder of the project, has a shady past that has drawn criticism.
While the function of HEX is not entirely clear or straightforward, it is difficult to conclude how dishonest an ad can be.
The HEX altcoin presented itself as a wise investment. “Hex is designed to increase in value faster than anything else in history,” the company’s website explains. The brand also launched an advertising campaign, claiming: “The price of HEX increased by 11,500% in 129 days”, in nothing less than the business magazine “The Economist”. In this BeInCrypto survey, we took a closer look at the controversial HEX crypto token scheme.
Both the history and the tokenom of Hex are complicated, which makes it one of the most controversial crypto projects .
HEX advertisement in “The Economist” in the UK
While claims that HEX is skyrocketing are not entirely false, many believe they are misleading. A slew of posts and forum posts have decried HEX as a useless altcoin that brazenly declares returns too good to be true.
Notably, the project has no white paper, no AML or KYC, and the token issuance is misleading at best.
As part of a BeInCrypto investigation, analyst Valdrin Tahiri looked at the HEX chart. On November 13, just a week before the first day on-sale rewards unlocked, he found that Fibonacci levels, changes in volume, support, and resistance all looked like a market free from manipulation. This is different from Ponzi schemes like Bitconnect or OneCoin, whose charts looked random.
So what is HEX?
So what is HEX, and what should you be looking for? Well, the We b site presents the token as a high interest “certificate of deposit” for crypto. In other words, you lock in your money and earn interest on it.
Originally, bitcoin (BTC) holders were rewarded with HEX, and users could trade ether (ETH) for HEX. These HEX tokens must then be sold or reprocessed for more HEX. Ending the vesting period or not immediately re-staking the tokens results in the loss of some of these tokens.
This penalty would be an incentive to stop short sellers , a sentiment that did not materialize. On November 20, the first day, the in-game rewards were unlocked for sale, HEX’s price dropped 20 percent (we’ll get to that later).
On November 17th, HEX started to shrink with a large volume and after three days it lost 73% of its value. Currently, price is near August to September support levels near $ 0.003, below which it has not traded since the start of the year.
Losing the current support zone could trigger another similar drop, as the next support zone is 93 percent below the current price.