- HEX has been criticized as a scam by the crypto community since its launch in 2019
- Early HEX literature stated that the coin was “designed to do over 10,000x returns in under 2.5 years”
- With four months to go, we take a look at how this is panning out
HEX, the crypto certificate of deposit that enriched its founder Richard Heart in 2019, has long been dismissed as a scam by the wider part of the crypto space, but this hasn’t stopped the project being relentlessly and aggressively marketed in the years since. HEX marketing relies heavily on how much the token has risen in price, but how does its price action to date stack up to the claims made in initial marketing that it was “designed to do over 10,000x returns in under 2.5 years”? Let’s take a look.
HEX Falls Short of “Designed” Gains
In order to work out the HEX return we need to know its initial price, which isn’t so easy. Our research found various values mentioned as the starting price of HEX, with $0.00005655 seeming to be the seed price and $0.0002 being the listing price when it first hit exchanges. According to Coingecko, the highest price HEX has reached since launch is $0.48 which it hit last September.
Using these prices then, seed investors have seen a maximum 8,500x return while regular Joes have experienced a 2,400% return at best. Of course, this is still pretty good going, but those who were sold on the 10,000x dream might be disappointed at being over 4x off what the coin was “designed” to do.
High Return Can’t be Ignored…If You Can Sell
Of course we can’t sniff at a 2,400% return, but netting such a return depended on a number of factors, chiefly not having your tokens stuck in a contract on the day the price hit its peak and being able to sell your entire holding at that price. Given that HEX’s biggest market, Uniswap, does just $4 million in 24hr volume right now, there is no guarantee of this.
We must remind ourselves that the soft deadline imposed by HEX marketing is around June 2022, so there is still a chance for HEX to pull a 10x and hit that 10,000x return for investors, but whether it can do so by June is doubtful.