HEX cryptocurrency is currently experiencing a bloodbath despite the broader digital asset market enjoying a bull run. The cryptocurrency is down double digits on Wednesday seeing a massive decline in price of 36%. The crash is causing holders immense distress as a quick recovery might not be on the cards soon.
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The HEX token is dangerously down 99.4% from its all-time high of $0.51, which it reached in September 2021. Climbing above its ATH in the coming days is a herculean task considering the sentiments against the cryptocurrency.
HEX: Why Is The Cryptocurrency Crashing?
So what happened to HEX and why is the cryptocurrency crashing in the charts this week? Coingecko reported that its founder Richard Heart expressed dissatisfaction about HEX being run on the Ethereum network. For the uninitiated, HEX is an ERC-20 token built on the Ethereum network designed as a Certificate of Deposit serving as a store of value.
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The chart shows a heavy decline from March 10, falling from a high of $0.01 to a low of $0.002. The trading volume has also declined to a low of $3.3 million, which is below average in the cryptocurrency market.
“HEX plummeted by over 50% days after its founder, Richard Heart, expressed his dissatisfaction with HEX on the Ethereum network,” wrote Coingecko.
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Since then, the cryptocurrency has been on a downward spiral with both common investors and whales jumping ship. Investors who are holding on to the token during this downward trajectory are taking a heavy beating. Their portfolio turned red and a recovery or break even might take longer than expected.
At press time, HEX was trading at $0.002 and is down nearly 36% in the 24-hours day trade. The cryptocurrency is also massively down close to 99.5% from its all-time high of $0.51, which it reached in September 2021.