Helium (HNT) Network Expansion Fuels 13% Gains Despite Faltering Market
08 September 2024 - 2:30AM
NEWSBTC
Helium (HNT) defeats the market’s bearishness as its new
developments drive hype for the long term. According to CoinGecko,
HNT rose by 13% despite the market’s continued fall in the short
term. Related Reading: Cardano Bull Sees ADA Jumping 1,000% In An
‘Insane’ Rally HNT has been boosted by continued on-chain
developments that have driven the limelight towards the platform.
However, with the market dips continuing to mount losses for
investors, the token’s future gains might already be in
jeopardy. New Proposals And Expanding Network Drive New
Growth In an X post, Helium revealed that HIP 124, titled “
Securing IOT Governance Through Voting Rewards”, was passed in a
recent voting round. According to Helium, the vote swung in favor
of HIP 124 with over 95% of users agreeing to the implementation of
the proposal. This is due to the proposal’s main points. HIP
124: Securing IOT Governance Through Staking Rewards Passed ✅ HIP
124 introduces rewards for veIOT holders who actively participate
in governance votes on the IOT subnetwork. This proposal is aimed
at boosting voting turnout in the IOT Network’s governance. HIP 124
passed… — Helium Foundation 🎈 (@HeliumFndn) September 5, 2024 HIP
124 is mainly concerned with the governance side of Helium which,
as of writing is an “opportunity cost” for users of the platform.
To vote on Helium, a user must lock IOT to gain veIOT, the token’s
version used for voting on the platform. Since there are no rewards
for users participating in governance, participation is still
relatively low compared to Helium’s users. To offset the cost
related to participating in governance, HIP 124 will enable rewards
for veIOT holders which will come from HIP-52’s 7% bucket allocated
emissions that are dedicated to decentralized oracles which,
according to the platform, is currently “not emitted.” With
Helium lowering the financial barrier for governance participation
will greatly affect voter turnout once a new proposal is under the
voting process. Source: Helium Stats In addition to this new
development, Helium Mobile’s network has expanded once more.
According to its official website, the Carrier Offload Program is
now covered by a whopping 767 hotspots. This led to users on the
platform growing with nearly 200,000 non-Helium subscribers using
the network. Exhausted HNT Might Fall Below $7.455 HNT’s
position was the result of continued bullishness that started last
month, but the current rejection by the $8.689 resistance level
will drive the token downward despite positive on-chain
developments. This will lead to HNT dropping below $7.455 in the
short to medium term. The token’s nearly maxed-out relative
strength index (RSI) suggests that momentum is still in the hands
of the bulls. However, the bulls have lost a ton of momentum since
the start of the upward drive which will hurt gains in the long
term. Related Reading: Aptos (APT) Dips 15% As New
Innovations Fail To Spark Momentum Fundamentally, HNT has great
support with continuing on-chain developments and overall bullish
investor sentiment. However, investors and traders should monitor
the broader market as any broad swing by the market can make or
break HNT gains in the long term. Featured image from Pexels,
chart from TradingView
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