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- HEX is considered a failed project by several crypto users.
- Analyst DonAlt believes HEX was created to make its founder, Richard Heart, rich.
- In DonAlt’s opinion, HEX set out to pump and dump from the start.
Several crypto users consider HEX, the project described as a Certificate of Deposit on the blockchain, a failed project. According to DonAlt, a self-described Vaxxed Matrix Agent, HEX is a crypto token created to make its founder, Richard Heart, rich.
— DonAlt (@CryptoDonAlt) September 6, 2023This is one of the projects where I’m entirely price agnostic
The price can go up or down a million percent, the underlying thing is still the same and obvious for everyone to see
A token made to make Richard rich that will eventually fail
DonAlt noted that HEX is one of the crypto projects where he is entirely price agnostic. According to the crypto analyst, HEX can be volatile, with the price going up and down by up to a million percent. In all that, DonAlt believes the project’s ultimate goal is to enrich the founder.
According to DonAlt, some crypto users defend HEX, saying investors who got in at the bottom made money from the project. He decried such a disposition toward the failing project, considering those with the “get-in-at-the-bottom” philosophy to have lost it.
In DonAlt’s opinion, HEX set out to pump and dump from the start, and the only money anyone made was from suckers who got into the project after them. He believes such profits are akin to blood money, especially for those who promoted HEX. According to DonAlt, the HEX promoters are part of the problem.
HEX was launched by Richard Heart on December 2, 2019, as a Certificate of Deposit on the blockchain. It is an Ethereum ERC-20-based token designed to be a store of value. According to the creators, HEX would become the blockchain counterpart of financial products used in traditional financial markets.
HEX’s performance after a brief rally in 2023 has been abysmal and disappointing for investors. HEX reached an all-time high (ATH) of $0.1319 in March 2023 before embarking on a prolonged price slump, according to data from TradingView.
Since reaching the ATH, HEX has lost significant value, causing users to consider it a failed project. TradingView data shows the crypto token has lost over 97.5% of its value from the ATH. HEX traded at $0.0039 at the time of writing.
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