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Highlights
- Launched in 2019, HEX was created as a new financial tool on the Ethereum Network.
- The HEX crypto has surpassed the third-largest cryptocurrency Cardano in terms of market capitalization.
- Often investors are left confused as to whether the HEX crypto is legit or not. Find out more about this cryptocurrency.
The HEX cryptocurrency project, which claims to be the first blockchain certificate of deposit, has surpassed the third-largest cryptocurrency Cardano in terms of market capitalization. According to CoinMarketCap, HEX's market capitalization was US$ 82.8 billion, higher than that of Cardano's US$ 79.1 billion at 9 AM EST.
Despite the higher market capitalization, the HEX crypto did not feature in the list of top cryptocurrencies and Cardano remained at the third position. Notably, this cryptocurrency and its market capitalization do not feature in the lists of top crypto data providers like CoinGecko and Messari Crypto.
According to reports, HEX featured as the fourth-largest cryptocurrency on CoinMarketCap on Wednesday, September 8, but it disappeared from the list. Although the name doesn't appear in the top 100 cryptocurrencies, HEX's market cap continues to be reflected with an amount higher than Cardano.
Is HEX crypto legit?
Launched in 2019, HEX was created as a new financial tool on the Ethereum Network and the native token HEX was designed to become a store of value by replacing the certificate of deposit. The cryptocurrency gained momentum and still catches investors' attention; however, it has often been called a part of a Ponzi scheme.
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A former HEX employee had reportedly called out the cryptocurrency for its dubious nature and named the project's founder, Richard Heart, as the perpetrator of the scam. The HEX project was dubbed a scam as it reportedly promised “10,000x returns,” which sounds too good to be true.
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According to crypto analysts, promises of returns are a red flag as the cryptocurrency market is highly volatile and it is difficult to make commitments of assured returns in such a scenario.
According to the project's website, HEX is not a Ponzi scheme as the interest comes from inflation and it is then paid to stakes. Based on the data from CoinGecko, the HEX token has returned 16,478.5 per cent in the last twelve months and 70 per cent since the past week.
On Friday, September 10, the HEX token clocked an all-time high of US$ 0.48 per token and its one-day volume surged by three per cent.
Bottom line
Before making any investments, it is important to study the scam claims of crypto analysts and counterarguments by HEX developers.
Also Read: Which crypto to buy now in Canada?
If you find the HEX crypto suitable for your portfolio investment, you could buy the HEX token through decentralized exchanges like Uniswap.
