The introduction of blockchain technology with the launch of Bitcoin in 2009 has transformed the world in ways one can only imagine. Consequently, the demand for less centralization and concentration of power and authority has been on a steep decline. These developments eventually made way for decentralized finance (Defi) platforms across the crypto industry.
The HEX is also one of those Defi platforms that have played a key role in promoting decentralization in the industry. The platform also has a native token called the HEX token, which has recently garnered much attention. Given the current and historical HEX token price movement, should you invest in the token soon? Continue reading to find the right answer to your question.
But First, Let’s Understand The HEX in the following sections of the blog.
HEX: What Is The Project About?
HEX is a new crypto project that has recently garnered unmatched popularity. The platform is said to be the first blockchain network certificate of deposit. Using the Proof-of-Stake (PoS) mechanism to help people earn interest on their crypto holdings.
One of the primary reasons fueling the platform’s popularity is its claim to helping people earn much more than they would with conventional banks. Per their claim, users can earn 10% interest on their yields. But interestingly, this 10% is different from the cap potential earning as your earning potential will increase with larger stakes, and the longer users stake their holdings.
Besides that, HEX also promises it will offer far more efficient transactions at much lower prices. These claims have led many to believe that HEX is here to bring a widespread revolution in the blockchain sector. But since the project has been around for a while, it is better to hold your horses and see where things go in the future.
How Did HEX Come Into Existence?
When speaking of crypto projects like HEX, it is too tempting to refrain from discussing the project’s history. The project was launched on 2nd December 2019 as a brainchild of Richard James Schueler, commonly known as Richard Heart. In its initial stages, developers claimed the product would not require further enhancements post-launch. But as we know now, that was not the case.
The first year of the launch was mostly about managing a startup without any significant developments. Interestingly, Bitcoin holders could then get HEX tokens absolutely free of cost. Even people using Ethereum could send their ETH holdings to a specific address and get HEX tokens in exchange.
Nonetheless, all these marketing stunts fell apart in early November of 2022. The reason was simple: the US Securities and Exchange Commission (SEC) issued a subpoena. But this subpoena was not meant for HEX but for influencers promoting the platform. However, this is not new for HEX, as the platform has not been a favorite among authorities since the start.
HEX Token: Picture Painted By Historical Price Movements?
Post-launch of the HEX in 2019, the prices latched on a bullish run and were rising continually. This trend accelerated in April 2020 with the crypto market booming. But soon enough, the prices tanked at a high of $0.0061, and a sideway movement followed suit. This bearish run would leave HEX in October 2020, but the prices started to pick up the pace again in December 2020.
The start of 2021 was not very happening for the HEX token until the beginning of May 2021, when its price rise accelerated significantly. By November 2021, the token reached its all-time high value of $0.5561, ultimately closing the year with a valuation of $0.285.
Then came 2022 bringing much bad news for the entire crypto industry. The HEX token has not been an exception in this downfall, with its prices falling continually. By 18th June 2022, the HEX coin price was about $0.02866. This was followed by a relatively bearish run, except for a couple of spikes here and there.
As of December 2022, the HEX token has a price of $0.02309 with a market cap of $4,004,066,761 and a 24-hour trading volume of $2,912,155. Besides that, there are 173,411,074,413 HEX tokens in circulation from a total supply of 633,542,658,973 HEX tokens.
HEX Token Price Prediction: What’s Next?
Given the past performance and current data available in the market, the token will likely close in 2022 at a price of about $0.029997. But HEX crypto price prediction tells a relatively different story, with estimates suggesting the prices will average at about $0.0439956 throughout 2023.
By 2024 things are likely to get better with a bullish run, taking the token’s prices upward of about $0.0729927. Then comes 2025, when chances seem high that the HEX prices will finally close on the $0.1 mark. But this will only happen in the best of scenarios which is rarely the case in the current crypto market.
By the end of this decade, chances are very high the HEX token will reach at least $0.639936 by the end of 2030. That said, you must remember that crypto predictions are not always accurate. These predictions are subject to change with the ever-changing trends and developments in the industry.
Conclusion: Should You Consider Investing In The HEX Token?
First things first, crypto investments are risky, just as in the case of any other investments. This means these investments come with a certain degree of risk that can cause personal implications if things go south. So first, you must figure out your priorities and then make any investment.
With that out of the way, predicting any crypto’s future course of action is anything but easy. The best way to evaluate market trends and developments is to get a rough idea about the token’s future. Given the available data, it seems like the HEX token prices will increase soon.
Nonetheless, your responsibility is to conduct thorough research and due diligence before investing in any crypto. If your research indicates a bullish run, feel free to invest in the HEX token as long as you are patient enough to watch its prices rise over time.