As a seasoned crypto investor with a knack for spotting promising projects, I find myself intrigued by the surge of HNT, the native token of the Helium network. With its impressive 14% price increase and market cap surpassing $1.6 billion, it’s hard not to notice this altcoin outperforming many others in decline.
Today, the native token of the Helium network, known as HNT, stands at the forefront among the top 100 cryptocurrencies, surpassing most other alternative coins (altcoins) that are generally experiencing a downturn.
On August 27th, the value of Helium (HNT) rose by 14% to hit $7.17. This significant increase propelled its market capitalization beyond the $1.6 billion threshold. The surge in price led to a substantial 160% rise in HNT’s daily trading volume, reaching approximately $31 million.
The surge in HNT’s price is happening ahead of a scheduled community call on August 28 at 16 UTC, where updates and discussions about the Helium Network are planned. This monthly gathering brings together developers, hotspot owners, and community members to address matters related to network governance and other concerns within the broader Helium ecosystem.
This week’s community gathering on the Helium Network is scheduled for Wednesday, August 28th, 2024, at 16:00 UTC in our Helium Discord. Don’t miss out!
— Helium🎈 (@helium) August 26, 2024
The call will take place on Helium’s discord channel.
Discussions in the cryptocurrency sector have centered around how Helium might revolutionize wireless infrastructure. In contrast to traditional methods where large providers needed to construct additional cell towers for better coverage, which was expensive, Helium offers an innovative method by expanding wireless coverage through a decentralized network of mobile devices instead.
It seems that the network is engaging with two major American telecom companies for a test run of redirecting their data to our MOBILE network. Approximately 185,000 customers are participating from Carrier 1, while Carrier 2 has more than 122,000 users involved in the trial.
Should it prove effective, the carriers could potentially cut costs and expand their network reach, while helium could benefit from a surge in user activity and revenue channeled towards hotspot providers.
As per their statistics, Helium MOBILE currently operates approximately 20,000 active hotspots, while its IoT solution covers around 360,000 locations. These numbers are steadily increasing.
According to data from Coinglass, the total open interest for HNT has increased by an impressive 65%, reaching $6.71. This surge indicates a growing curiosity among traders towards this altcoin, which could imply that fresh investments are fueling the upward trend in its price.
According to data from our market research tool, it appears that traders are quite optimistic about an increase in WIF’s price as the combined funding rate for HNT is currently sitting at 0.0049%.
At present, the Relative Strength Index stands at 58.82, indicating a potential opportunity for the price to rise further without being deemed excessive. Additionally, the Stochastic RSI indicates that Helium is currently undervalued in the market.
Based on current trends, it seems that HNT’s price could continue its upward momentum, potentially reaching a peak where it may become overbought. At this point, there might be a shift in direction as the token experiences a possible correction.
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2024-08-27 10:28