As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find myself captivated by the recent surge of Helium (HNT) and cat-themed meme coins like Simon’s Cat (CAT). The growth of HNT is particularly intriguing, given its strong fundamentals and the continued expansion of its mobile subscriber base. With the golden cross formation and bullish momentum, I believe this could be a promising investment opportunity.
In the past week, Helium, Solana’s leading Decentralized Public Infrastructure Network, surpassed the overall altcoin market, while feline-focused meme coin Simon’s Cat likewise posted significant increases of more than ten percent.
Based on information from crypto.news, the price of Helium (HNT) increased significantly. On Aug. 30, it reached a low of $6.66, but by Sep. 6, it reached an intraday high of $8.5 – a level not seen since March 12, 2024. Over the last seven days, Helium has skyrocketed over 17.3%, making it the top performer among the 100 largest cryptocurrencies by market value.
Over the past day, I’ve observed a decrease of approximately 3.5% in the total market capitalization of cryptocurrencies, now standing at around $2.05 trillion. In this period, Bitcoin dipped by 2.2%, while Ether experienced a 2.3% decline as well.
Over the past week, there’s been a strong upward trend for Helium Mobile, which is attributable to its rapidly expanding subscriber base. In fact, it surpassed the 100,000 mark in early August and reached 112,867 by September 6th. This impressive growth represents a staggering 300-fold increase over the past year, as indicated by Helium Mobile’s own data.
Additionally, HNT garnered interest following the initiation of trials by two prominent American telecommunications companies on its network, as part of a carrier offload initiative. This program allows carriers to divert traffic to the Helium network during peak usage times. Preliminary reports suggest that these tests have brought approximately 790,000 users onto the platform, transferring more than 20.47 terabytes of data.
Simultaneously, Helium’s trading activity has seen an increase, with a daily average of over $25 million, even after Binance removed HNT futures from their platform earlier in the year.
HNT’s price rally is being fueled by a 254% increase in total open interest over the past seven days, reflecting growing trader engagement. Coinglass data shows that open interest in the futures market surged to $10.87 million on Sept. 6, the highest level since Dec. 25, 2022. This is especially noteworthy as Binance had delisted HNT’s futures earlier this year.
Essentially, HNT is showing robust upward movement, as indicated by the golden cross—which occurs when the 50-day and 200-day Moving Averages meet—is a significant bullish signal. Additionally, a Relative Strength Index (RSI) around 63 indicates a moderate strength in the market, hinting that there may be more growth to come, despite being close to the overbought level.
The recent price surge saw Helium break through the critical resistance at $7.98, signaling ongoing reversals. As previously noted by crypto.news, the $7.98 level is significant as it marks August’s highest swing point and the upper limit of an emerging double-top formation.
After that, people who buy Helium might strive to reach around $8.50, potentially setting the stage for further progression towards the channel target of approximately $10.50.
Cat-themed token see double-digit gain
During last week’s rise in HNT, cat-centric meme tokens experienced a positive trend as well, whereas the overall meme coin sector declined by 2.9%, dropping to approximately $38.6 billion at the point of this report.
Simon’s Cat (CAT), a meme token themed after the popular animated series, surged by 18.47% over the past week and debuted on Aug. 23. Positive community sentiment is evident on platforms like CoinGecko and CoinMarketCap.
20% of the total supply of CAT tokens was distributed to members of the Floki community as a strategic step to entice more investors towards the Binance (BNB) ecosystem. This distribution caused a temporary drop in the price of CAT tokens. Yet, Binance, a prominent cryptocurrency exchange, has voiced its approval for this undertaking. The token can currently be traded on various reputable platforms such as BingX, Gate.io, KuCoin, and MEXC.
Despite a recent drop in prices, market experts are hopeful about CAT‘s prospects for expansion. Analyst IBCIG, for instance, believes that the Simon’s Cat coin is underestimated, particularly on the Binance Smart Chain (BSC). He points out its ability to withstand challenging market situations and expects a significant recovery, possibly boosted by potential strategic actions from Binance CEO Changpeng Zhao.
Furthermore, analyst Ted finds the rise of CAT beyond $0.000028 promising, viewing it as an indicator of a possible upward movement in the market. He thinks that continued investor attention might push the token to reach a market capitalization of one billion dollars.
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2024-09-06 12:54