The cryptocurrency industry continues to experience aftershocks caused by the collapse of FTX, once one of the world’s largest crypto exchanges. But despite the chaos, some digital assets, including Helium (HNT), manage to stand out, albeit temporarily.
Helium coin price rally was short lived! Why is that?
Coincidentally, Helium saw dramatic gains throughout the day, even breaking into the top 100 in daily earnings at one point, reaching $2.05 with a 20.57% daily change, then slowing its growth and stabilizing below. 2 dollar sign.
At press time, the token was changing hands at $1.96, which represents an increase of 4.32% in the last 24 hours and 0.6% in the previous seven days, according to data from December 22.
Increases in volume and market value
In the past day, HNT’s 24-hour trading volume increased 65.74% from $7.62 million to $22.24 million, while its market cap saw a flow of $12.43 million to $253.95 million. rose to $266.38 million from
Helium 7 day price chart. Source: Finbold
These advances in price temporarily placed Helium at the top of the top 100 cryptocurrencies in terms of daily earnings, followed by Neutrino USD (USDN), Terra Classic (LUNC), Dogecoin (DOGE), Internet Computer (ICP), and HNT.
Top 5 cryptocurrencies by daily earnings. Source: CoinMarketCap
Why does helium win?
Meanwhile, Helium’s sharp price hikes come a week after it announced the transition to Solana (SOL), a decentralized peer-to-peer 5G wireless network that uses an innovative access point-powered infrastructure for the Internet of Things (IoT).
Scott Sigel, COO of the Helium Foundation, said that despite the crypto crisis, the Helium Network “continues to be strong, fully functional and continues to grow in changing market conditions.” The network will complete its transition to the Solana blockchain in the first quarter, which will bring improvements in uptime, speed and overall scalability.”
Previously, T-Mobile signed an exclusive agreement with Helium developer Nova Labs, allowing “crypto carrier” Helium Mobile to use T-Mobile’s 5G macro network and Nova Labs’ CBRS (Citizens Broadband Radio Service) network. Beta launch in early 2023.
However, the founders and insiders at Helium have previously been accused of profiting from the project at the expense of those who have invested in the platform, as they are tied to crypto wallets that issue at least 3.5 million of all HNT tokens in the first three months. from the launch of the platform.
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