Helium Foundation’s mobile updates and voting results boost HNT, surging by 14.5%.
Helium (HNT), a blockchain-based network designed for the Internet of Things (IoT), has seen a significant increase in price, surging by 14.5% in the past 24 hours and reaching a trading price of $5.86.
This surge is particularly noteworthy as the broader cryptocurrency market is currently experiencing a downturn. Helium now holds a market capitalization of approximately $943 million, securing the 86th position in global cryptocurrency rankings according to CoinMarketCap.
In the past 24 hours, HNT’s trading volume has increased by 16.92% to a total of $67,734,559. During this time, HNT has traded between a low of $5.1063 and a high of $6.0536, demonstrating its strong performance amidst the market downturn.
Founded in July 2019, Helium facilitates communication among low-powered wireless devices through its decentralized network. It utilizes a comprehensive system of nodes to ensure robust data transmission and connectivity across IoT devices.
The recent price surge in HNT follows an announcement from the Helium Foundation regarding the outcomes of its latest voting results. The proposal for HNT failed due to low voter turnout, while the proposals for IOT and MOBILE passed with over 91% approval. HIP 112, which proposed scaling IoT hotspot assert fees, failed with only 42.52% approval. On the other hand, HIP 117, which aimed to add MNTD as a hotspot vendor for Helium’s MOBILE subNetwork, received a strong approval rate of 93.88%.
A re-vote for the HNT proposal is scheduled, reflecting ongoing governance activities within the Helium community.
Arman Dezfuli-Arjomandi, a board member of the nonprofit Helium Foundation, attributed the price rise to significant updates in Helium’s mobile sector. He highlighted the network’s growth in subscribers to its unlimited plans, resulting in the daily burning of approximately $3,000 worth of HNT due to data usage on Wi-Fi hotspots. Additionally, the network has started preliminary integration testing with major players like AT&T and Google Orion for data offload.
Other initiatives include the launch of $20 monthly business group plans, the introduction of a subscriber store for purchasing Hotspots and Pixel phones with MOBILE, and the implementation of international roaming add-ons.
To attract more users into the crypto ecosystem, Helium has introduced new features such as a discovery mapping feature, improved user experience, anti-gaming measures, and Helium Free Wi-Fi, which benefits local businesses while attracting new customers. The availability of SIM cards on Amazon and targeted advertising on the Solana podcast further demonstrates Helium’s efforts to integrate more users into the crypto ecosystem. As an incentive, the company offers three months of free service.
These strategic moves aim to attract non-crypto natives by providing practical crypto experiences, supported by Helium’s status as one of the largest hosted Solana wallet providers.
From a trading perspective, TraderAAG has observed that HNT/USDT has broken the diagonal trendline in the 4-hour timeframe, indicating a potential long opportunity for investors. TraderAAG advises waiting for a successful retest before entering a long position, with the major resistance level at PML $5.89 and the support level at PWL $3.435.
