Over the past 24 hours, the ether-based token HEX has recorded a massive decline, trading at $0.02 at the time of this writing. As creator Richard Hart battles allegations of cheating, the sun may be setting on the Hex universe.
heavy hex criticism
HEX was launched in 2019. Since Token came on the crypto scene, Avoiding “Ponzi Schemes” Attribution has been near impossible. Cryptocurrency analysts were even questioning how its market cap soared to nearly $1B in mid-2022, yet the coin remained “not noticed” by the cryptocurrency market.
“In cryptocurrency, there is a tribalism that every coin you buy is a world-changing wonderful thing. Every coin someone else buys is a scam by default.”
Richard Heit, CEO of Hex
In the last 24 hours, HEX investors have seen the coin market capitalization decline From $3.9B to $3.7B. Its price has declined by 3.5% at the time of writing.
Mike Alfred, a crypto enthusiast, noted that the project itself was self-destructive after receiving news that Pulsechain would not launch.
pulse chain pipe dream
Pulschain is the other “pipedream” that has been sold to the hex community at large. Initially, PulseChain was supposed to be so fast and cheap Ethereum Competitor but now remains a thorn. The PulseChain team also announced an airdrop for all ETH holders following the successful fork.
PulseChain has gone through several testnets throughout 2021, all of which have given the HEX community hope for future returns.
HEX, PulseChain and PulseX are a combined $5 billion project that could be catastrophic for the market if (or when) it explodes. the fact that crypto influencers Getting slapped with subpoenas by the US Securities and Exchange Commission (SEC) for promoting HEX does not ease tensions among investors.
Basis for crypto regulations?
The events leading up to the unexpected declaration of bankruptcy from FTX and conspiracy theories that the SBF was a government agent sent and funded to infiltrate the crypto sector left many people infuriated. Some crypto enthusiasts believe that the SEC orchestrated the FTX saga in order to have a ‘legitimate’ reason to regulate crypto.
While they may prove to be true to some extent, the existence of privacy coins such as Monero may prove to be a Obstacle to SEC,
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