Will HEX’s Social Volume Reflect on Its Price?

Credit – Capital.com

Cetoex News – Move over Bitcoin [BTC], altcoins have been making quite some noise in the market lately. Small market cap coins in particular have been emerging as the talk of the town. HEX, for instance, was seen growing both in terms of value as well as popularity. It was also noted that these two could be related for this specific cryptocurrency.

Crypto social intelligence aggregator, LunarCrush, pointed out how the price change of HEX was linked to its increase in social engagements. According to the platform, time and again HEX has shown a weekly rise of 7% each time its social engagements hit a 3-month high. Currently, the network was heading in the same direction.

Over the last week, the social mentions around HEX peaked by 31.2%, while social engagements rose by 27%.

While HEX’s weekly gains had increased by 37.5%, the daily price change wasn’t quite in sync. At press time, the asset was trading for $0.063784, with a 4.2% daily drop.

Nevertheless, the cryptocurrency surged by a whopping 156.1% over the last 30 days. This was much higher than other assets like Bitcoin and Ethereum, as their 30-day profits were limited to double digits.

But, it continues to trade 87.41% below its all-time high of $0.510830.

HEX welcomes increased whale activity

According to on-chain analytics firm, Santiment, large wallet investors were back in the HEX market. Earlier this week, these whales reportedly scooped up a large amount of HEX.

Elaborating on the same, Santiment wrote,

“Everyone’s favorite asset to either love or hate, Richard Heart’s baby just continues to climb. You’ll notice that yesterday was the highest level of whale transactions other than February 9th. And on that day, there was a mid-sized correction. Don’t be surprised if history repeats itself for at least a couple of days.”

Furthermore, the increase in social sentiment as well as whale activity could prove that HEX is poised for a good week.