The much-hyped HEX project by controversial crypto participant Richard Heart is falling apart in terms of token prices. This is the first time since March 2021 that HEX has been below the $1 mark.
The massive slump in HEX prices could be a signal that confidence in the interest-bearing certificate-of-deposit-based network is fading.
HEX Prices Keep Dropping
While crypto markets remain unmoved, HEX prices have crashed 19% over the past 24 hours. As a result, the token has fallen to $0.0092 at the time of writing.
Furthermore, it is the lowest HEX has traded at for more than two years. The embattled crypto asset has now lost 98.2% since its all-time high of $0.5108 in September 2021.
HEX was hyped when it launched in 2019 as a new financial tool to take on the banks. However, it has been heavily criticized for its Ponzi-type tokenomics by analysts and industry experts.
After it launched, HEX lured people by claiming that users could double their money using the lowest possible values on the HEX/BTC pair.
However, the token designed to “increase in value faster than anything else in history” has done the complete opposite over the past 21 months.
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Project founder Richard Heart has played things down in his usual manner. On June 9, he tweeted that “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.”
Richard Heart’s Plagued Projects
PulseChain is Richard Heart’s Ethereum fork which claims to offer faster transactions and lower costs. However, it was plagued with problems when it launched last month.
As a result, its native PLS token has also been crushed. In just 18 days, PLS has dumped to an all-time low of $0.0001 on June 9. The PulseChain token has devalued by 62.7% in less than three weeks.
Richard Heart’s Uniswap fork PulseX was also plagued with bugs when it launched late last month.
Finally, Richard Heart antagonist Eric Wall has been hedging his bets with HEX price dips, as reported by BeInCrypto.
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