Given that, $4^{8^{x}}=256$
$\Rightarrow 4^{8^{x}}=4^4$
$\Rightarrow 8^{x}=4 \quad (\because \text{In the same base, we can compare the powers})$
$\Rightarrow (2^3)^x = 2^2$
$\Rightarrow 2^{3x} = 2^2$
$\Rightarrow 3x = 2$
$\Rightarrow x = \dfrac{2}{3}$
Correct Answer: C