Hex Spikes 20% In 24 Hours: Why?

Vinod Dsouza
Hex Cryptocurrency Token
Source: Pixabay

Hex jumped nearly 20% on Thursday and the cryptocurrency is among the top earners of the day. The token went from $0.02 to $0.03 in less than 24 hours and is attracting heavy bullish sentiments in the markets. In the last 30 trading days, Hex has spiked 72.1% giving investors decent profits from the start of 2023. In this article, we will highlight why Hex is up double digits today.

Also Read: Bitcoin To Reach $30,000 in February 2023?

Source: TradingView

Why Is Hex Up Double Digits Today?

Hex is up double digits on Thursday due to a combination of developments. The developments include:

1. Buzz Around the PulseChain V3 Testnet

PulseChain PLS PLSX
Source: Unsplash

Speculations are rife that PulseChain V3 Testnet could be released sometime in February 2023. A handful of investors are closely following up with the updates providing real-time data about the development on social media.

Investors are thrilled with the updates and the development is dominating Twitter chatter. The updates are making investors remain bullish on Hex as a PulseChain Testnet launch could bring in more investors.

For the uninitiated, PulseChain will be a new layer-1 blockchain and PLS will be its native governing token. The founder of Hex, Richard Heart will be launching PulseChain soon.

However, the tentative release date for the V3 Testnet is not confirmed. We will have to wait and watch for an official statement from the team about its release.

Also Read: Can Pulsechain Rise 14,000x After Launch? Richard Heart Explains

2. Increase in Whale Purchases & Staking

hex whale
Source: Unsplash

Over the last 24 hours, several whales are taking an entry position into Hex. The whale entry is accompanied by an increase in users staking their tokens for passive income.

Also Read: Ripple: AI Predicts XRP Price for Feb 28, 2023

This added pressure to its price as its trading volume spiked 205% in 24 hours. The cryptocurrency could attract buying pressure in the days leading up to the PulseChain V3 Testnet.

3. FOMC Meeting
Federal Reserve
Source: Pixabay

The Federal Reserve raised interest rates by 25 BPS on Wednesday making the cryptocurrency markets rally. Bitcoin climbed above $24,000 while Ethereum is gearing up to reach $1,700.

The market rally pushed leading altcoins up in the indices and Hex spiked double digits on Thursday. If Bitcoin and Ethereum reach new monthly highs in February, Hex could also benefit tremendously from the spike.

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At press time, Hex was trading at $0.03 and is up 18% in the 24 hours day trade. However, it is down 94.35% from its all-time high of $0.55, which it reached in September 2021.