HEX Is Trading At Less Than 1 Satoshi After 52% Drop

After losing more than 50% of its entire value in 24 hours, Hex token (HEX) is now trading for less than the smallest denomination of Bitcoin (BTC), Satoshi.

According to Coinmarketcap and several other sources, HEX/BTC has dropped below 0.00000001 BTC (or 1 satoshi).

HEX price is so small, that it can’t be measured

The price of a single HEX token is so low, that financial calculators are not able to appropriately measure it. On January 5, it was estimated in 7.727e-9 BTC, which is $0,000058 USD (far below one cent, per Coinmarketcap). BiDesk, an exchange which lists HEX/BTC, shows the price levels.

Since its launch on December 2, Hex has dropped down steeply. People who bought or claimed tokens with their Bitcoin holdings, have seen their value crash to almost 100%.

All this time the creator of Hex Richard Heart has incessantly promised high return rates for those who will hold HEX for some time via a staking scheme.

Last month Heart touted HEX as ”a truly unique system” which is ”the first of its kind” in the crypto industry.

Satoshis could be a better investment

Heart’s project faced many a criticism, with most theories revolving around Hex being Ponzi or Pyramid scheme. A study, released on December 7, 2019, highlighted that ”Not only will Richard control close to half of all HEX after the first year, but it is the first token I have seen to have its founder’s perpetual self-enrichment baked into the protocol.”

The next blunder — listing HEX on Bitcoin.com, an exchange with controversial reputation — led to 60% plunge of HEX price overnight.

The drop below 1 satoshi sparked satisfaction among those who warned about possible pitfalls of HEX and considered investment into it as mere naivity.

Commenting on the matter, Domingo Guerra, co-founder of Appthority, an enterprise mobile threat protection provider, noted that on Friday no one bought HEX at 1 satoshi.