Solana-based Helium Community’s HNT token quietly hit a yearly excessive of greater than $5 through the weekend following a 60% value surge in seven days, in keeping with CryptoSlate’s information.
HNT’s value has retraced to $4.70 as of press time amid a broader market correction.
This value efficiency represents a turnaround for a community that has dealt mainly with destructive information about its product and migrating from its proprietary blockchain to Solana.
Nevertheless, regardless of HNT’s unbelievable efficiency up to now few weeks, the token remains to be removed from its all-time excessive. CryptoSlate’s information reveals it’s down 91% from its $54 peak.
What drove HNT’s value?
HNT’s value surge could be primarily attributed to the launch of Helium Cell’s $20 month-to-month cellphone plan in the US, providing customers limitless information, speak, and textual content.
Helium’s connectivity service provides a cheap various to conventional service suppliers, making a mean American spend roughly $157 month-to-month solely on cellphone plans.
The connectivity companies make the most of Helium’s 5G community to empower its customers to arrange mini-cell towers and broaden the community’s protection.
“With Helium Cell Hotspots, subscribers can personal and arrange ‘mini cell towers’. Lifeless zones can grow to be a factor of the previous when anybody can grow to be a builder and arrange a hotspot to broaden the community for themselves and the neighborhood,” the corporate stated in a press release.
Nova Labs, the entity behind Helium Community, partnered with T-Cell to increase protection for Helium Cell in areas the place the community is absent.
Moreover the launch of Helium Cell, HNT has additionally benefited from the overall optimism surrounding the Solana community ecosystem. Through the previous yr, Solana has thrived regardless of earlier connections to the disgraced FTX founder Sam Bankman-Fried.
This resurgence has performed a pivotal position in attracting a rising variety of customers to its ecosystem and predictions that it might acquire extra floor on rival sensible contract-based blockchain community Ethereum.
“ETH will lose market share to different sensible contract platforms with much less uncertainty surrounding their scalability roadmap, resembling Solana,” asset administration VanEck predicted.
