Hygrocybe punicea is a species of agaric (gilled mushroom) in the family Hygrophoraceae. It has been given the recommended English name of crimson waxcap.

The species has a European distribution, occurring mainly in agriculturally unimproved grassland. Records from East Asia, North America, and Australia require further research to see if they represent the same species.

Threats to its habitat have resulted in the species being assessed as globally "vulnerable" on the IUCN Red List of Threatened Species. It is not recommended for consumption due to its accumulating cadmium.

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