Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem
06 August 2024 - 3:30PM
NEWSBTC
After the market’s extreme overreaction yesterday, Helium, and the
entire crypto market, booms in value. According to the latest
market data, HNT rocketed up by 31% in the past 24 hours
representing a strong flip from bearish to bullish. Related
Reading: Binance Coin In Turmoil: Nearly 10% Value Erased In Market
Shake-Up Helium’s recent performance can be attributed to a strong
investor base, built over the years by constant innovation that was
only overrun by market anxiety since the market’s correction phase.
Despite this, the platform has continued to innovate despite the
lingering bearishness still felt today. Helium Mobile Users
Skyrocket, Bringing HNT Mainstream Since its launch in 2023,
Helium Mobile continues to rise as one of the most mainstream
crypto-base products in the market. With Helium’s entry into the
telecom industry, its mobile arm has garnered 106,765 signups with
a little under 15,000 hotspots deployed. This is huge. With
Helium Mobile leveraging the network’s established web of hotspots
around the globe may open more opportunities for the platform to
establish itself within the retail space. As of writing, the Helium
network boasts 380,629 hotspots, accounting for the total number of
LoRaWAN and 5G devices. Mobile’s entry into the telecom
industry was smoothened further by its Carrier Offload Program. The
program enables users from different carriers to connect with
Helium hotspots. As expected, the user count on this metric is
higher with nearly 300,000 users from several carriers using only
39 hotspots. With the average phone plan price in the United
States becoming more expensive, a new alternative, albeit small and
somewhat in the works like Helium Mobile remains an attractive deal
for the average Joe. This translates to an increased use of
the network which correlates with an uptick in data credit (DC)
burning. Messari’s recent overview of Helium shows that the network
is currently experiencing strong growth in the burning of DCs,
contributing to the network’s finances. HNT: Turning Point Or False
Flag? Current market conditions are unpredictable. Market
volatility increased because investors and traders realized they
had overreacted to the market correction and interpreted it as a
hint of further sell-off, creating a self-fulfilling prophecy.
Related Reading: Bloody Monday: Cardano Not Spared From Bloodbath,
Suffers 30% Loss As of writing, HNT is back on top of its May
levels which can sustain a small breakthrough towards $4.919. With
the market’s current jitters, HNT bulls face market volatility
coupled with strong market anxiety. But with the similar
phenomenon happening within equity markets, we might see a return
to bullish attitude in the next few weeks. Investors and
traders should exercise caution, keeping an eye on the performance
of the broader crypto market before making a move. The bulls are
expected to hold on to $4.439 as a support before any movement
upward. Featured image from Pexels, chart from TradingView
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