Altcoin Jumps 20%: Here’s Why!

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hex Today it has increased by about 20%. Moreover, the altcoin was among the top earners of the day. The token rose from $0.02 to $0.03 in less than 24 hours. It created an intense uptrend in the markets.

Hex has increased 72.1% in the last 30 trading days, giving investors decent profits from the beginning of 2023.

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Why Is Hex Soaring?

1. PulseChain V3 Testnet

PulseChain V3 TestnetThere is widespread speculation that it could launch in February 2023. A few investors are keeping a close eye on updates that provide real-time data on developments on social media.

Investors are excited about the updates and the development is dominating the Twitter conversation. The updates keep traders bullish on Hex as the PulseChain Testnet launch could bring in more investors.

For those who don’t know, PulseChain will be a new layer-1 blockchain and PLS will be its local government token. Hex founder Richard Heart will launch PulseChain soon. However, a tentative release date for the V3 Testnet has not been confirmed. We’ll have to wait and have to wait for an official announcement from the team regarding its release.

2. Increase in Whale Purchases and Staking

In the last 24 hours, several whales have taken up entry positions on Hex. Whale entry is accompanied by an increase in the number of users staking their tokens for passive income.

This put pressure on the price as trading volume increased by 205% in 24 hours. The cryptocurrency may suffer buying pressure in the days leading up to the PulseChain V3 Testnet.

3rd FOMC Meeting

The Federal Reserve rally in the cryptocurrency markets, raising interest rates by 25 BPS on Wednesday. Ethereum is poised to reach $1,700 as Bitcoin climbs above $24,000.

The market rally pushed the leading altcoins up in the indexes. Hex rose in double digits on Thursday. If Bitcoin and Ethereum hit new monthly highs in February, Hex could also benefit greatly from this increase.

As Koinfinans.com reported, at the time of writing, Hex is trading at $0.03 and has increased by 18% in 24-hour daily transactions. However, it fell 94.35% from its all-time high of $0.55, which it reached in September 2021.


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