HEX (HEX) has experienced quite a rally over the last few days. The asset is up 56.1% in the weekly charts, 82.3% in the 14-day charts, 57% over the previous month, and 44.2% since April 2024. Despite the rally, the asset is down by 0.5% in the last 24 hours.
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What’s Pushing HEX’s Price?
The asset’s latest rally comes after the SEC officially dropped its lawsuit against founder Hichard Heart. The SEC filed its lawsuit against Heart in July 2023. The HEX, PulseChain, and PulseX founder was accused of garnering over $1 billion via the sale of unregistered securities.
On Apr. 21, the SEC said it would not amend its complaint. The development marks a rare occurrence when the SEC has lost a lawsuit. The HEX founder’s victory also came on the same day as the swearing in of the new SEC chair, Paul Atkins. The SEC dropping its litigation could be due to Atkins’ pro-crypto stance.
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The HEX founder took to X and stated, “This is a victory for open-source software, cryptocurrency, and free speech. The SEC actually sued software code itself in this case, claiming it could be an alter ego of a person. This would have set a terrible precedent and caused perhaps multiple billions of dollars of damage to the vital open source and free software industry that powers most of the Internet and your speech on it.“
Can the Asset Hit $0.005 Next?
HEX hit an all-time high of $0.5108 on Sept. 19, 2021. The asset’s price has fallen by about 99.5% since its 2021 peak.
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CoinCodex does not anticipate HEX to continue its rally. The platform predicts the asset will enter a sideways trajectory for the next few weeks. CoinCodex expects HEX to trade at $0.002426 on May 24.
