Hex Spikes Double Digits: Why is it Skyrocketing in Price Today?

Vinod Dsouza
hex cryptocurrency
Source: Twitter

Hex is attracting bullish sentiments this week after being on the back foot for two months straight. The crypto is up nearly 20% in the last 7 days giving decent returns to investors who took an entry position last week. Hex spiked double digits on Friday heading up 15% in the indices and reached its weekly high of $0.033 from $0.024. The digital asset has a history of dramatically shooting up in price after a dip and this time is no different.

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Source: CoinMarketCap.com

Why is Hex Up Double Digits Today?

First and foremost, Hex celebrated its third anniversary on Friday making the community band together as one bunch. The anniversary is ‘trending’ on Twitter making the crypto markets notice the double digits spike.

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Source: Twitter

Also, Hex is up 15% today as the crypto is experiencing a large number of whales taking an entry position. Whales are on a buying spree since Thursday and have combinedly purchased more than 43 million Hex tokens.

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The buying spree was a few hours apart from each other making Hex gradually spike in price. In the last 24 hours, close to $1.3 million worth of Hex was purchased by individual whales.

Also, Hex’s trading volume has more than doubled in the last 24 hours and is up 123%. It is receiving a massive inflow of investments and if the trend continues, it could delete a ‘zero’ by the end of the year.

Source: CoinMarketCap.com

In addition, a handful of investors have staked their ‘T shares’ for a set period to earn passive income. Millions worth of Hex tokens are staked since Thursday giving the crypto a boost in the indices.

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The third-anniversary celebrations, massive whale entries, and staking the crypto is what made Hex spike double digits on Friday.

At press time, Hex was trading at $0.033 and is up 13.8% in the 24 hours day trade. However, it is down 94.14% from its all-time high of $0.51, which it reached in September 2021.