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Helium (HNT), a blockchain-based network designed for the Internet of Things (IoT), has experienced a price surge of 14.5% in the last 24 hours, now trading at $5.86.
The latest surge comes at a time when the broader cryptocurrency sector is facing a downturn, highlighting Helium’s significant gains. Currently, Helium boasts a market capitalization of approximately $943 million, securing the 86th position in global cryptocurrency rankings by market cap as per data by CoinMarketCap.
HNT’s trading volume has soared by 16.92% over the last 24 hours, totaling $67,734,559. In the same timeframe, HNT has traded between a low of $5.1063 and a high of $6.0536, showcasing the token’s strong performance amidst the market downturn.
Founded in July 2019, Helium facilitates communication among low-powered wireless devices through its decentralized network, leveraging a comprehensive system of nodes for robust data transmission and connectivity across IoT devices.
The latest price surge in HNT follows an announcement from the Helium Foundation, which reported mixed outcomes in its latest voting results.
2/ Although the HNT proposal didn't pass due to missing minimum quorum requirements and only receiving approximately 71M total votes, the IOT and MOBILE proposals were successful, receiving 91.71% and 93.3% of votes in favor, respectively.
— Helium Foundation 🎈 (@HeliumFndn) April 24, 2024
Per the update, the proposal for HNT failed due to insufficient voter turnout, while the IOT and MOBILE proposals passed with over 91% approval. Notably, HIP 112, which proposed scaling IoT hotspot assert fees, failed with only 42.52% approval. In contrast, HIP 117, aimed at adding MNTD as a hotspot vendor for Helium’s MOBILE subNetwork, received a robust 93.88% approval.
A re-vote for the HNT proposal is scheduled, reflecting the ongoing governance activities within the Helium community.
Meanwhile, Arman Dezfuli-Arjomandi, a board member of the nonprofit Helium Foundation, linked the price rise to significant updates in Helium’s mobile sector in an X post on April 29.
Helium Mobile update:
— Arman Dezfuli-Arjomandi 🎈 (@rawrmaan) April 28, 2024
– added a casual +62,463 unlimited plan subscribers since Jan 1
– causing 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… pic.twitter.com/tNrXu1KSU1
He noted that since the beginning of the year, the network has gained 62,463 subscribers to its unlimited plans, resulting in the daily burning of nearly $3,000 worth of HNT due to data usage on Wi-Fi hotspots.
The network has also started preliminary integration testing with major players like AT&T, which boasts 223 million subscribers, and Google Orion for data offload.
Other initiatives include the launch of $20 monthly business group plans, a subscriber store for purchasing Hotspots and Pixel phones with MOBILE, and the introduction of international roaming add-ons.
Furthermore, Helium has initiated a new discovery mapping feature, improved user experience, anti-gaming measures, and the launch of Helium Free Wi-Fi, which benefits local businesses while attracting new customers.
The availability of SIM cards on Amazon and targeted advertising on the Solana podcast underscores Helium’s efforts to integrate more users into the crypto ecosystem, offering three months of free service as an incentive.
Arjomandi concluded that these strategic moves are designed to attract non-crypto natives by providing practical crypto experiences, further bolstered by Helium’s status as one of the largest hosted Solana wallet providers.
From a trading perspective, Trader TraderAAG has noted that HNT/USDT has broken the diagonal trendline in the 4-hour timeframe, suggesting a long potential 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.