Helium (HNT), a decentralized blockchain-powered network for Internet of Things (IoT) devices, has seen a significant price surge of 12.68% in the past 24 hours, despite the broader cryptocurrency market experiencing a slump. The token is currently trading at $5.13, with a market capitalization of $825,682,305, placing it at #98 on the cryptocurrency rankings by market cap.
The 24-hour trading volume for HNT has also seen a massive increase of 165.68%, reaching $58,037,104. Over the past 24 hours, HNT has traded between a low of $4.53 and a high of $5.52, showcasing the token’s strong performance amidst the market downturn.
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What Is Helium (HNT)?
Launched in July 2019, Helium is a decentralized blockchain-powered network that enables low-powered wireless devices to communicate with each other and send data across its network of nodes. The Helium mainnet allows IoT devices to connect and interact seamlessly, creating a robust ecosystem for data transmission and communication.
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Show more +Helium Mobile Update Drives Price Surge
Arman Dezfuli-Arjomandi, an X user, attributes Helium’s recent price surge to its mobile update, which has witnessed significant developments and adoption. Some of the key highlights include:
- Addition of 62,463 unlimited plan subscribers since January 1, leading to nearly $3,000 of $HNT burn per day from their data usage on Wi-Fi hotspots.
- Preliminary integration testing with AT&T (223 million subscribers) and Google Orion for data offload.
- Launch of $20/mo business group plans and upcoming IRL events in various cities across the US.
- Launch of subscriber store for buying Hotspots and Pixel phones with $MOBILE in-app.
- Introduction of international roaming add-on and in-app phone plan payments with $MOBILE.
- Launch of new discovery mapping with better UX and hex-based anti-gaming.
- Launch of Helium Free Wi-Fi to add utility for local businesses while onboarding customers.
- Availability of SIM cards on Amazon and onboarding crypto natives with ads on Solana podcast offering 3 months of free service.
Dezfuli-Arjomandi also highlights that in recent months, the $20 plan has been paying for itself with mapping rewards, effectively providing most subscribers with unlimited phone service for free.
This unique value proposition, along with Helium’s position as one of the largest hosted Solana wallet providers, presents numerous opportunities to onboard non-crypto natives to Solana and provide them with a great first crypto experience.
Technical Analysis: HNT Breaks Diagonal Trendline
Trader TraderAAG has noted that HNT/USDT has broken the diagonal trendline on the 4-hour timeframe, suggesting 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.
Helium’s recent price surge, driven by its mobile update and increasing adoption, demonstrates the project’s resilience and potential amidst a broader market slump. As Helium continues to expand its ecosystem and onboard both crypto natives and non-crypto users, the future looks promising for the decentralized IoT network.
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