Has HEX Cryptocurrency Overtaken Cardano And Dogecoin In Market Capitalization?

HEX HEX/USD, a cryptocurrency associated with a project that claims to be the first blockchain certificate of deposit, has soared in market capitalization ahead of Cardano ADA/USD, Solana SOL/USD, and Dogecoin DOGE/USD, if CoinMarketCap data is to be believed. 

What Happened: At press time, Hex had a market cap of nearly $79.1 billion, as per CoinMarketCap. 

See Also: How To Buy Dogecoin (DOGE)

Screenshot From CoinMarketCap Indicating MarketCap Of Hex And Its #201 Rank

This would put the coin ahead of ADA, which had a market cap of $77.7 billion at press time, and make it the third-largest cryptocurrency by that metric.

It's worth noting that other data providers like Messari Crypto and Coingecko don't provide a market capitalization metric for HEX as of press time and don't feature it in their lists of top cryptocurrencies.

On Wednesday night, HEX was seen listed as the fourth-largest cryptocurrency by market cap on CoinMarketCap. Benzinga reached out to the price-tracking website owned by cryptocurrency exchange Binance to clarify if this was an anomaly but didn't receive a response as of press time. HEX disappeared from the list of top 100 cryptocurrencies an hour later but the market cap continues to be reflected with an amount that would put it above Cardano.

Screenshot From CoinMarketCap Taken At 9:39 p.m. ET.

Why It Matters: Should the CMC data prove to be accurate, HEX is now a larger coin than not only ADA, but also SOL, which has been on a tear lately — rising 427.58% in a span of 30 days and 82.01% in a week.

See Also: Is Solana Better Than Ethereum? Twitter Buzzes With Questions As Crypto Strikes Massive Gains

Going by CMC data, HEX has also exceeded the market cap of DOGE, which has shot up 4,365.1% so far this year to emerge as No. 8 on the cryptocurrency price-tracking website's list. 

This is a remarkable ascent for a project whose disclaimer page states, “HEX is not a security. There aren't actually any coins, they're just numbers in a distributed database. No one is actually given anything.”

The disclaimer concludes with a somber note of the most literal fashion, “You will notice the theme of all of the above text is that you should have absolutely no expectations of any sort regarding anything, and if anything goes wrong, you shouldn't look for redress anywhere, and you should receive none.”

A Cointelegraph report dating back to May 2020 pointed out that “true believers” in HEX claim on social media that whales have staked a lot and since the project rewards them it is not a scam.

On the other hand, cryptocurrency media have derided the Richard-Heart-founded HEX as worthless and an outright scam, Cointelegraph noted at the time.

Critics reportedly include podcast host PeterMcCormack and Bitcoin Magazine writer Vlad Costea.

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