- HEX executed a huge token burn reducing supply by 250 billion while its price increased.
- The token price spiked as trading activity surged, keeping its fully diluted value strong.
- Market interest in HEX grew as its supply dropped and its trading volume gained track.
In a strategic move to enhance token scarcity and potentially boost value, the HEX cryptocurrency platform has burned 250 billion tokens worth $600 million. The transactions, recorded on the Ethereum blockchain on March 16, 2025, sent massive amounts of HEX to a burn address as per data extracted from Whale Alert. This move goes one way with market fluctuations, as the price increased 2.32% over the past 24 hours, reaching $0.002446. Trading volume rose 42.48% to $227,430, while market cap remained steady at $1.4 billion.
250 Billion HEX Burned in Multiple Transactions
The first recorded transaction originated from 0xa2e1734682c6a237c070d93019a7e0bf7074406c, removing 50,120,075,470 HEX, valued at $118,729,814, with a gas fee of 0.000151 ETH. Later, 0x1dc195d291a10ac28ae4de8aa2c5ebe328b33 burned 50,120,074,915 HEX, worth $118,980,889, incurring a fee of 0.000163 ETH.
Further transactions continued as 0x1d6d2f43d00ec3daa8ee37ed43cd4f855ca4b58 sent 50,120,074,914 HEX to the burn address, valued at $119,107,328, with a 0.000163 ETH transaction fee. Meanwhile, 0x4a107629cfcf0027bfafb3da47e7e096c2ed85 burned an identical amount worth $120,342,142, paying 0.000152 ETH in gas fees. Finally, 0x31d89631ee529b9b892d8e3b78464ee36d308 burned 50,120,074,914 HEX, valued at $120,510,545, with a transaction cost of 0.000164 ETH.
This extensive burn event reduced the circulating supply of HEX significantly. Besides, the Ethereum network facilitated these transactions efficiently, ensuring low fees despite the large volumes.
HEX Price Gains Amid Increased Trading Activity
HEX’s market data shows a notable 2.32% increase in price, reaching $0.002446. The total supply remains at 633.54 billion HEX, while the circulating supply is self-reported at 572.17 billion HEX. Moreover, HEX’s fully diluted valuation (FDV) stands at $1.55 billion, reinforcing its substantial market presence, according to Coinmarketcap.
Source: Coinmarketcap
HEX traded at a daily low of $0.002391 before rebounding. Consequently, trading momentum increased, pushing HEX past $0.002450 before stabilizing. Additionally, the volume-to-market cap ratio remains at 0.0161%, reflecting growing investor interest.
Beyond HEX, $IMX price action is mirroring $BNX, which recently broke key Fibonacci levels and surged past 161.8% extension. IMX, after a 90% retracement to $0.40, is consolidating near 2023/SEPT support. A breakout above key resistance could trigger a parabolic move toward $3.97, aligning with BNX’s impulse wave structure.
Related: Hex Trust Gains A License in Singapore For Crypto Services
Market Response and Future Outlook
The token burn coincides with increased trading activity, raising questions about its long-term market impact. Does this reduction in supply indicate a future price surge? Besides, HEX has faced market volatility and regulatory scrutiny, making the burn a crucial event in its tokenomics strategy.
With $600 million worth of HEX permanently removed, market participants will closely monitor upcoming movements. Moreover, historical trends suggest supply reductions can influence price behavior, though broader market conditions will ultimately dictate HEX’s trajectory.
