As we have also reported , the top 10 cryptocurrencies at the cost of the market are losing value on a 24-hour scale more than once. However, an altcoin has experienced a 100 percent increase in the last 7 days with the reinforcement of whales. HEX showed a steady rise from $0.08 to $0.17. HEX also hit an all-time high of $0.18 yesterday. Since then, the data has dropped 5.9 percent to $0.17.
Altcoin gains momentum as whales boost
While the market remained volatile, there were big moves in HEX, as observed on WhaleBots Alert. According to TechTimes experts, cryptocurrency whales “parked” their investments in HEX instead of Bitcoin (BTC) and other cryptocurrencies. HEX is up 100 percent in the last 7 days, 110 percent in the last 14 days, and 105 percent in the last 30 days. Its annual return was 4.719 percent.
What is HEX?
Designed and launched by Richard Heart on December 2, 2019, HEX describes itself as a “Certificate of Deposit” on the blockchain. HEX is an ERC20 token as it was mined on the Ethereum network. HEX is designed as a depository to replace the Certificate of Deposit as the blockchain equivalent of financial artifacts used in classical financial markets.
HEX is also designed to take advantage of the emerging DeFi (Decentralized Finance) ecosystem in cryptocurrencies within the Ethereum network. HEX uses the Ethereum network for the process layer (for sending and receiving HEX tokens and also interacting with the HEX smart contract), the consensus code and staking system are contained in the HEX smart contract.
HEX is a network that also allows users to stake tokens. The staking system includes features that are designed to encourage behavior that encourages price to be priced and to deter price-wasting behavior. The HEX smart contract penalizes stakers for ending their stakes early and rewards them for staking larger amounts of HEX for longer periods of time.