As a researcher with experience in the cryptocurrency market, I find Helium’s (HNT) recent price surge intriguing, especially given the broader downturn in the crypto sector. With an impressive 14.5% increase in just 24 hours and a current trading price of $5.86, HNT boasts a significant market capitalization of approximately $943 million.
In the past 24 hours, the value of Helium (HNT), a blockchain system built specifically for the Internet of Things (IoT), has seen a significant increase of 14.5%, currently being exchanged at a price of $5.86.
At present, Helium stands out with impressive growth as the wider cryptocurrency market experiences a slump. With a market capitalization of around $943 million, Helium holds the 86th spot in the global cryptocurrency rankings according to CoinMarketCap’s data.
As an analyst, I’ve observed a significant surge in trading activity for HNT over the past 24 hours, with a remarkable increase of 16.92% that amounted to a total volume of approximately $67.7 million. The token’s price fluctuated between a minimum of $5.1063 and a maximum of $6.0536 during this period, demonstrating HNT’s robustness in the face of the current market downturn.
Established in July 2019, Helium provides a platform for seamless interaction between low-power wireless gadgets. This is made possible through its decentralized network, which relies on an extensive network of nodes to ensure reliable data transfer and uninterrupted connectivity among Internet of Things (IoT) devices.
The recent spike in HNT’s price can be attributed to a statement released by the Helium Foundation. Their latest voting results showed a combination of positive and negative outcomes.
As a crypto investor, I’ve closely followed the recent HNT proposal vote results. Regrettably, the HNT proposal didn’t make it due to falling short of the necessary quorum with only around 71 million votes cast in its favor. However, the good news is that both the IOT and MOBILE proposals were successful, garnering an impressive 91.71% and 93.3% of votes respectively.
— Helium Foundation 🎈 (@HeliumFndn) April 24, 2024
According to the latest announcement, the HNT proposal did not pass due to low voter participation, while both IOT and MOBILE proposals were approved by over 91% of the voters. It’s worth mentioning that HIP 112, which suggested increasing IoT hotspot assert fees, was rejected with only 42.52% approval. On the other hand, HIP 117, which aimed to bring MNTD on board as a vendor for Helium’s MOBILE subNetwork, gained strong support with a 93.88% approval rate.
As a governance analyst, I’m excited to announce that a new vote for the HNT proposal is forthcoming. This action underscores the dynamic nature of our community’s decision-making process here at Helium.
Arman Dezfuli-Arjomandi, a member of the Helium Foundation’s board, explained in a recent post on Reddit how recent advancements in Helium’s mobile sector have contributed to the price surge.
As an analyst, I’ve analyzed the latest Helium Mobile update and
— Arman Dezfuli-Arjomandi 🎈 (@rawrmaan) April 28, 2024
Over the past few months, the network has seen a significant increase in subscribers to its unlimited plans, with approximately 62,463 new members joining since the start of the year. This growth has led to substantial HNT consumption, amounting to nearly $3,000 worth of data usage daily on Wi-Fi hotspots.
The network is now conducting initial compatibility tests with significant partners such as AT&T, having a customer base of approximately 223 million, and Google Orion, aimed at reducing data traffic.
As an analyst, I would describe these initiatives in the following way: I’m excited to announce that we are rolling out new business group plans priced at just $20 a month. Additionally, we have launched a subscriber store where you can purchase Hotspots and Pixel phones directly from us. Lastly, we are introducing international roaming add-ons for those who frequently travel outside the country.
Additionally, Helium has introduced a new discovery mapping function, enhanced the overall user experience, implemented anti-gaming precautions, and debuted Helium Free Wi-Fi for local businesses. This not only helps existing merchants but also draws in new clientele.
Helium’s dedication to expanding its crypto user base is highlighted by the sale of SIM cards on Amazon and targeted ads during the Solana podcast. As an incentive, new users are given three months of complimentary service.
As a researcher, I’ve discovered that Arjomandi’s findings suggest that these strategic moves are geared towards bringing in individuals new to the crypto world. By offering tangible crypto experiences, Arjomandi argues, these companies aim to attract non-crypto natives. Moreover, Helium’s reputation as a leading Solana wallet provider adds credibility and security, making it an appealing choice for those venturing into the crypto space for the first time.
Based on his analysis as a trader, Trader AAG has observed that the trendline of HNT/USDT has been breached in the 4-hour chart, indicating a possible buying opportunity for investors.
According to TraderAAG’s recommendation, it is suggested to hold off on taking a long position until a confirmation of a successful retest occurs. The significant resistance level stands at PML $5.89, while the support level can be found at PWL $3.435.
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2024-04-30 11:39