Put in different terms, the price of a single HEX token has become so small that many price calculators cannot measure its value. On Jan. 5, Hex traded at 7.745e-9 BTC according to Coinmarketcap, the equivalent of 0.000000007745 BTC.
Bitcoin’s (BTC) smallest denomination is now worth more than an entire unit of altcoin Hex (HEX) after the controversial token lost over 50% in a day.
Data from Coinmarketcap and other sources confirm that HEX/BTC is now below 1 satoshi – or 0.00000001 BTC.
HEX price too small to measure
That number, of course, is far below a single U.S. dollar cent, and roughly translates as $0.000058. Data from Bidesk, an exchange offering the HEX/BTC pair, confirmed the price levels.
Hex’s demise over its short lifetime has been precipitous. Those who bought tokens or claimed them using existing Bitcoin holdings since its Dec. 2 launch have seen their value dive by practically 100%.
Throughout, Richard Heart, the coin’s vocal creator, has continued to promise vast returns for those who hold HEX for certain periods via a staking scheme.
Speaking to Cointelegraph in an interview last month, Heart was unrelenting in his promotion of what he claims is a “truly unique system” in the cryptocurrency world.
Investors would rather buy satoshis
Criticism has nonetheless come from multiple sources, with a popular theory naturally centering around Hex being run similar to a pyramid scheme. A study released shortly after the launch highlighted what its author described as the “perpetual self-enrichment” of Heart at the expense of other investors.
A further gaffe saw HEX/BTC plunge 60% overnight after cryptocurrency exchange Bitcoin.com chose to list it.
The drop below 1 satoshi meanwhile fielded a fresh wave of satisfaction from social media users, many of whom had long warned that investing in Hex was a decision which amounted to little more than plain foolishness.
Domingo Guerra, co-founder of enterprise mobile security company Appthority, noted that on Saturday, there were no buyers for HEX at 1 satoshi, “It’s dead! Essentially at zero”, he summarized.
