Helium, a blockchain network tailored for the Internet of Things (IoT), has seen a substantial 14.5% increase in its price over the last day, now standing at $5.86.
This surge comes amidst a broader decline in the cryptocurrency market, highlighting Helium’s impressive growth. Currently, Helium holds a market capitalization of around $943 million, securing the 86th spot in the global cryptocurrency rankings by market cap according to data from CoinMarketCap.
In the past 24 hours, HNT’s trading volume has risen by 16.92%, reaching $67,734,559. During this period, HNT has fluctuated between a low of $5.1063 and a high of $6.0536, demonstrating the token’s strong performance despite market challenges.
Established in July 2019, Helium enables communication among low-power wireless devices through its decentralized network, utilizing a robust system of nodes for efficient 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.
While the proposal for HNT did not succeed due to low voter turnout, the IOT and MOBILE proposals garnered over 91% approval. Notably, HIP 112, which suggested scaling IoT hotspot asset fees, was rejected with only 42.52% approval. Conversely, HIP 117, aiming to include MNTD as a hotspot vendor for Helium’s MOBILE subNetwork, received a strong 93.88% approval.
A re-vote for the HNT proposal is on the horizon, reflecting the ongoing governance efforts within the Helium community.
Arman Dezfuli-Arjomandi, a board member of the Helium Foundation, attributed the price increase to significant advancements in Helium’s mobile sector in an X post on April 29.
He highlighted the network’s growth in subscribers to its unlimited plans, resulting in substantial daily HNT consumption due to data usage on Wi-Fi hotspots. Helium has also initiated integration testing with major players like AT&T and Google Orion for data offload.
Additionally, Helium has introduced new features such as discovery mapping, enhanced user experience, anti-gaming measures, and Helium Free Wi-Fi, benefiting local businesses and attracting new customers.
Efforts to integrate more users into the crypto ecosystem include SIM card availability on Amazon, targeted advertising on the Solana podcast, and three months of free service as an incentive.
Arjomandi emphasized that these strategic moves aim to appeal to non-crypto natives by offering 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. It is advised to wait 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.