HEX is a new digital currency that’s piquing investors’ interest. It is associated with a new project claiming to be the first ever blockchain-based certificate of deposit. Now, it has raced past different cryptocurrencies like SOgecoin, Solana, and Cardano in terms of market capitalization. Today, Hex held a market cap of almost $79.1 billion, according to crypto analytics site CoinMarketCap.
This puts the new cryptocurrency ahead of ADA, with its $77.7 billion market cap. By that metric, it’s technically the third-largest cryptocurrency. It’s important to remember that other data providers, such as Coingecko and Messari Crypto don’t offer capitalization metrics for HEX. Consequently, investors can’t find the new crypto on the sites’ lists of topmost cryptocurrencies.
By Wednesday night, HEX held the position of fourth-largest cryptocurrency by market cap on CoinMarketCap. Other analytics websites tried contacting the Binance-owned price-tracking website to ask if it was a mistake, but received no response. An hour later, HEX was no longer on the list of topmost 100 digital currencies. Nevertheless, its market cap is still reflected as such that would place it above Cardano.
You’re probably wondering why it matters. If the CoinMarketCap data turns out to be true, HEX would become a bigger coin than ADA and SOL. Let us remind you that SOL has been on quite a streak recently, as it gained almost 430 percent in a month. More astonishingly, it has risen by over 80 percent in a week.
Going according to CoinMarketCap’s data, HEX has gone over DOGE’s market cap. For context, the Shiba Inu-based memecoin gained an increase of 4365.1 percent this year. This extensive growth put Dogecoin on eighth position of the list.
If we consider all these benchmarks, HEX has achieved quite the impressive ascent. But perhaps the most important factor to keep in mind is the shocking disclaimer on their website. The founders state that HEX isn’t a security because there aren’t any actual coins. In fact, they are simply numbers in a distributed database. This means no one is given anything! If we take this into account, it’s remarkable that the coin’s market cap has shot up so high.
The disclaimer ends off on somber message that’s very literal, to say the least. It states that the person should see from the theme of the above-written message that they shouldn’t have any expectations. It goes as far as to say that in the event that something goes wrong, the person can’t seek a remedy, nor will they receive one.
In a Cointelegraph report from May 2020, it was stated that HEX’s true believers have made numerous claims on social media. They said that crypto whales have staked a lot in the cryptocurrency. More importantly, since the project rewards them, it can’t be a scam.