Eric Wall, former Chief Investment Officer of Arcane Assets, is celebrating as he cashes in on the falling HEX price, just days after the Swedish cryptocurrency analyst debated HEX founder Richard Heart.
The two men met on May 24 to film a segment for Heart’s upcoming documentary, “The Highest of Stakes.” Wall was invited to participate because the film-makers believe a “great story requires conflict,” and Wall’s opposition to the project is well publicized and long-standing.
HEX was trading for $0.5561 at its all time high (ATH) in November 2021.
HEX is currently trading at $0.072209, down 46.2% in the last 7 days.
Head over Heart’s ‘dumbest thing’
Heart first explained HEX to Eric Wall in 2019, which raised Wall’s ears almost immediately.
“Sorry Richard, this is the dumbest f**king thing I’ve ever heard in my life,” he replied. Wall’s current excitement stems from the now declining fortunes of HEX, something the analyst-come-provocateur has been able to personally leverage for profit.
Wall has not been shy to bet against the project, making a number of high profile calls against HEX in both the short and medium term. In February, Wall made a $20,000 bet that HEX would not break its previous ATH of $0.56.
The plummeting price of HEX has given Wall cause for serious celebration, allowing the trader to hedge his previous bet by purchasing the token at a vastly reduced value.
“Today, I officially covered my short,” tweeted Wall on May 27. “I purchased 71429 HEX @ $0.0420 for a grand total of $3000, netting me a guaranteed profit of $17,000 at minimum.”
Wall later expressed disappointment that no one found his “420” price action joke amusing, even though Musk told it better.
Hitting the wall
Following Heart and Wall’s first encounter in 2019, when HEX was trading at mere fractions of a cent, the cryptocurrency went on a considerable bull run. In the immediate aftermath of this latest debate the cryptocurrency fared less well.
It is unclear whether the content of either conversation had any bearing on price action. On Friday, the price of HEX fell as low as $0.04988, with the price recovering by approximately 20%, to $0.07251 on Saturday.
The market has been significantly more volatile in the wake of the Terra (LUNA) disaster, with the total size of the market shrinking from $1.9 trillion on May 5 to $1.2 trillion today.
It’s clear that HEX slammed into a wall this week, but that wall wasn’t Eric Wall.
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