Helium (HNT), a decentralized blockchain-powered network for Internet of Things (IoT) devices, has seen a massive 12.68% price increase over the past 24 hours despite the overall cryptocurrency market downturn. The token is currently trading at $5.13 with a market cap of $825,682,305, ranking 98th in the cryptocurrency market cap rankings.
HNT’s 24-hour trading volume also surged by 165.68% to $58,037,104. In the past 24 hours, HNT’s trading price fluctuated between a low of $4.53 and a high of $5.52, showing the token’s strong performance during the market downturn.
What is Helium (HNT)
Launched in July 2019, Helium is a blockchain-powered decentralized network that enables low-power wireless devices to communicate with each other and send data through its network of nodes. The Helium mainnet allows IoT devices to connect and interact seamlessly, creating a powerful ecosystem for data transmission and communication.
Helium Mobile Update Drives Price Surge
The recent price surge is attributed to its mobile update which has seen significant development and adoption. Some of the key highlights include:
Since January 1, unlimited plan subscribers have increased by 62,463, consuming nearly $3,000 in HNT per day through data usage at Wi-Fi hotspots.
Conducting initial integration testing with AT&T (223 million subscribers) and Google Orion for data offloading.
Launch of $20/month business group plan and upcoming IRL events in cities across the US.
Introducing the Subscriber Store for purchasing hotspots and Pixel phones through the MOBILE in-app.
Introducing international roaming add-ons and in-app phone plan payments through $MOBILE.
Introducing new discovery mapping with better user experience and hex-based anti-gaming.
Introducing Helium Free Wi-Fi to attract customers while adding utility to local businesses.
SIM cards are available on Amazon, and crypto-native users are being guided through ads on the Solana podcast, offering 3 months of free service.
In recent months, the $20 plan has been paying for itself through MAP rewards, effectively providing unlimited phone service for free to most subscribers.
This unique value proposition, coupled with Helium’s position as one of the largest custodial Solana wallet providers, opens up a plethora of opportunities for non-crypto natives to join Solana and provide them with an excellent first crypto experience.
HNT breaks above diagonal trendline
Analysts note that HNT/USDT has broken above the diagonal trendline on the 4-hour timeframe, which suggests a potential long opportunity for investors. TraderAAG recommends waiting for a successful retest before initiating a long position, with the main resistance at PML $5.89 and support at PWL $3.435.
Helium’s recent price surge, driven by mobile updates and growing popularity, demonstrates the project’s resilience and potential amidst the broader market downturn. As Helium continues to expand its ecosystem and attract crypto natives and non-crypto users alike, the future of the decentralized IoT network looks promising.
(Personal opinion, not a recommendation)
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