Helium’s native token is up by 5.71% over the past 24-hours.
What’s Helium Mobile And Why Is It Exploding To Over 800%?
Smaller cryptocurrencies are drawing greater attention from investors while larger well-known ones are taking a break following significant increases. One of the lesser-known altcoins is making some big noise: Helium Mobile (MOBILE) has surged by about 1,000% in the past seven days.
Leading the way in the cryptocurrency market’s dynamic trend toward smaller-cap cryptocurrencies is Helium Mobile, whose price has surged by 32% to $0.0072 in the previous day. The altcoin’s trading volume has increased by almost 200% to $20 million, reflecting its recent spike. The market valuation of the coin has broken above $500 million.
Within the Helium Mobile Network, the Helium Mobile token is a native protocol token. Helium Network tokens (HNT) provide support for MOBILE tokens because of the strong relationship between the two.
MOBILE Token Soars With Helium’s Expansion
August 12, 2022, saw the issuance and launch of the MOBILE token. However, it didn’t begin trading on public exchanges until 2023, when its starting price was about $0.0002821. Up until the first week of December, the MOBILE token was trading in a similar range.
Helium’s recent introduction of its competitively priced $20 monthly nationwide unlimited mobile services is the reason for the company’s sharp price increase. The mobile virtual network operator (MVNO) has acquired an estimated 8,000 members as a result of this calculated approach.
The incorporation of blockchain technology into Helium Mobile’s service is a distinctive feature that gives users the opportunity to get “mapping prizes.”
There are currently over 363,000 Helium hotspots worldwide, according to data on its platform, and as the price of HNT tokens grows, this trend may continue.
About 34,000 users downloaded the app and chose to map, but they haven’t subscribed to Helium’s services yet, compared to 8,000 who have already done so. To reach these notable figures in a matter of days for a new application is noteworthy.
Helium Mobile Surge Defies Crypto Downturn
Helium Mobile and its mapping service have gained thousands of new clients as a result of MOBILE’s explosive price increase this month—it has increased by over 2,000%. According to data portal Helium Geek, more than 6,700 wallets received MOBILE prizes on Sunday—more than twice as many as a week earlier.
The value of Helium Mobile is simply performing better than most of its peers despite the overall decline in the cryptocurrency market.
Featured image from Shutterstock
Helium Mobile Cracks Down on MOBILE Token Farmers
New users are pouring into Helium’s low-cost phone plan. Some are more interested in the MOBILE token rewards than the cell service.
Solana-Powered Helium (HNT) Spikes By 145%, Analyzing The Drivers Of The Surge
Helium (HNT), a decentralized network launched in 2019, has experienced significant gains across multiple timeframes, making it one of the top performers in the cryptocurrency market. This price surge comes alongside Solana’s (SOL) remarkable 56% increase over the past 30 days and other protocols built on Solana’s network.
HNT has achieved staggering gains over the past 30 days, surpassing 147%. This remarkable growth has continued with gains of 101% and 45% over the past fourteen and seven days, respectively.
In the 24-hour time frame alone, HNT reached a high of $5.008 and experienced a remarkable surge of 53%, a level not seen since October 2022. But what are the main catalysts behind this spike?
Helium’s Mobile Service Launch Ignites HNT Investor Frenzy
The recent surge in HNT’s price can be attributed to the announcement made by the Helium network on December 5. The network revealed that users across the United States can now enjoy unlimited data, voice, and text services for a monthly fee of $20 through their newly launched mobile service.
According to recent reports, Helium Mobile, a subsidiary of Nova Labs, introduced this no-contract nationwide mobile service, aiming to provide consumers with an affordable and unrestricted mobile experience.
This move comes when major carriers have been imposing data limits, increasing contract obligations, and raising prices, making Helium’s offering particularly appealing to users seeking more flexible and cost-effective options.
By offering unlimited data, voice, and text services for a flat fee of $20 per month, Helium Mobile aims to address the growing demand for affordable and unrestricted mobile connectivity.
According to the announcement, the company aims to empower customers by putting control back into their hands, challenging the practices of traditional carriers.
CEO Amir Haleem Calls For Transparency In Mobile Industry
Amir Haleem, CEO of Nova Labs, emphasized the company’s belief that cell phones are essential and that unlimited data, text, and calls should be standard offerings.
Haleem criticized carriers for concealing high subscription rates, roaming fees, and additional data charges behind seemingly attractive phone upgrade options that often lock customers into costly plans for extended periods.
In addition to its mobile service, Helium Mobile supports a people-powered coverage model, allowing customers to become network owners and operators. Like platforms like Airbnb or Uber, the company believes that “reducing monopolies” and empowering customers can improve service quality, lower costs, and overall benefits for all stakeholders.
As the demand for reliable and affordable mobile services grows, Helium’s approach has positioned it as a key player in the industry. This announcement has propelled HNT’s price upward as investors recognize the potential of Helium’s approach in the mobile service sector.
The trading price of HNT stands at $4.153, marking a significant breakout from its downtrend structure of the past 11 months. The cryptocurrency is now targeting its next resistance level at $4.70.
However, should HNT fail to surpass this resistance, it will be crucial for the coin to maintain support at the $3.00 level to sustain its current bullish momentum.
Featured image from Shutterstock, chart from TradingView.com
Helium Expands IoT Coverage Through Amazon Sidewalk/Oxit Partnership
The partnership will enable IoT solution providers to benefit from Amazon Sidewalk’s network and Helium’s network.
Helium’s IOT Token Surges 370% Following Solana Migration
Helium’s newly-issued IOT token has risen by over 370% in the past 24-hours following the protocol’s successful migration to the Solana blockchain last week.
Helium’s HNT Crypto Token Slides to 2-Month Low After Binance.US Delisting Announcement
The token is migrating to the Solana blockchain as of March 27.
Helium (HNT) Deflates 15% After Proposed Transition To Solana
The Helium network, a blockchain-powered wireless system, may soon undergo significant revisions as its key developers consider switching to Solana.
The proposal by Helium’s core developers to switch from their own blockchain network to Solana’s was codenamed “HIP 70.”
Since developers revealed a plan to migrate the network to Solana, the value of HNT has plummeted.
The HIP 70 proposal to move to the Solana blockchain aims to improve data transit, network coverage, and dependability. Some of the network issues have been described in a recent post on Medium.
Helium Switch To Solana Aims To Solve Technical Issues
The post suggests that less Proof of Coverage activity occurred due to the network’s massive scale. They believed the blockchain’s inefficiencies were to blame for the lower than usual volume of transactions.
In particular, there are problems with data packet transfers and the overall network load between the blockchain and the validator.
The projected network-wide move was intended to resolve or significantly reduce the issues currently plaguing the network.
According to a blog post by the Helium Foundation:
“Thousands of developers across the world are working on apps that are only conceivable on Solana owing to its quick and cheap transactions, real-world NFT applications, business-to-business and business-to-consumer marketplaces, and more.”
The proposal’s goal was to build a network that was faster, safer, and more scalable, however the market rejected this idea. The primary token of the project, HNT, saw its price drop from $5.6778 to $4.6483 in the period of a few hours on August 31.
Since then, the token has not been able to recover. A rise in the volume of transactions is shown on CoinMarketCap and CoinGecko. Lower prices and higher volume indicate a sell off occurred between August 31 (the day of the release) and September 2 (the time of writing).
Major Consolidation In Crypto
In the present market for cryptocurrencies, pessimistic sentiment has been prevalent. Some investors and traders in HNT have been triggered by this, and the general reaction has not been favorable.
The Helium move to Salana is a massive consolidation in the crypto industry.
The goals of these changes are to increase trust among investors and entice new users to join their ecosystem. However, the news of the merger between Solana and Helium has done nothing to stop the market decline.
Only time will tell if the combination of the two will inspire trust among traders and entice new participants to the ecosystem.
Crypto total market cap at $959 billion on the daily chart | Source: TradingView.com
Featured image from Securities.io, chart from TradingView.com
