Hex cryptocurrency has fallen victim to the famous quote, “And if you gaze long enough into an abyss, the abyss will gaze back into you.” The Hex cryptocurrency was the most talked about token between 2020 and 2022, attracting investors from around the globe. Its founder, Richard Heart, was a dynamic personality who flexed his wealth on social media at every opportunity.
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The Rise and Fall of Hex Cryptocurrency
From fancy sports cars to expensive Rolex watches and Louis Vuitton outfits, the founder lived a larger-than-life personality. However, the U.S. Securities and Exchange Commission (SEC) sued him for “misappropriating millions,” and things went downhill from there.
For the uninitiated, Hex was the only cryptocurrency that doubled in price every 48 days between August 2020 and September 2021. The surge was phenomenal, making the token bullish and the most sought-after asset in the cryptocurrency market. Investors made heaps of profits with Hex, which was touted to be the next big thing.
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The Hype and the Downfall
Last year, a documentary about its investors making millions in profits in a short period was released. It also boasted one of the biggest armies on social media, dominating the sector.
Hex Now 99.8% From Its All-Time High
Hex reached an all-time high of $0.51 in September 2021 after doubling in price for 13 consecutive times. After the SEC lawsuit and wrongdoings, its price collapsed like a pack of cards and might never return to its previous glory.
It is now trading at $0.0012 and is down 99.8% from its all-time high. The social media presence, fanfare, hype, and buzz fizzled out, leaving investors with massive losses.
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Investor Sentiment & Future Outlook
Investors who took an entry position that could keep doubling in price every 48 days are seeing their portfolios being crushed. As the saying goes, And if you gaze long enough into an abyss, the abyss will gaze back into you.”