The smallest denomination of Bitcoin (BTC), one Satoshi, is now even more than the value of the altcoin HEX (HEX) after the controversial token lost more than half of its value in a day. Known as the coin developed by Richart Heart, HEX is now trading below 1 satoshi according to the latest charts – at a price of 0.00000001 BTC.
Put in different terms, the price of a single HEX token now has become so small that a lot of price calculators cannot measure its value. As we saw on January 5, HEX traded at 7.745e-9 BTC according to charts, which is an equivalent of 0.000000007745 BTC.
This number is far below a single US dollar cent. It translates to $0.000058 and according to data from Bidesk (an exchange offering this pair) is the actual value of the altcoin.
The altcoin news also show that HEX is now trading at a minimal level and the demise over its short lifetime has been preciptous. The people who bought tokens or claimed them using existing Bitcoin holdings since the December 2 launch have seen their value dive by around 100%.
The coin’s creator, Richard Heart, is still vocal even despite all of this and continued to promise vast returns for people who hold HEX for certain periods via a staking scheme. He spoke to one of the crypto news outlets last month in an interview and said that HEX offers a “truly unique system” in the cryptocurrency world.
Still, the criticism is coming from multiple sources now. A popular theory centers around HEX being run similar to a pyramid scheme. Another study released after the launch of the coin highlighted what its author described as the “perpetual self-enrichment” of Heart at the expense of other investors.
Anyways, HEX is trading low and has plunged by 60% overnight after the cryptocurrency exchange Bitcoin.com chose to list it. For many, this drop below 1 satoshi fields a fresh wave of satisfaction from social media users and critics who previously warned that investing in this altcoin was a decision which amounted to little more than plain foolishness.
Some even predict that this is the “official death” of the altcoin and that from this point, it holds no future whatsoever.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post