Helium (HNT) Network Expansion Fuels 13% Gains Despite Faltering Market

Name	Symbol	Market	Market Cap ($)	Algorithm
Aptos	APTUSD	Crypto	3,191,165,948	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Aptos

APTUSD

Crypto

3,191,165,948

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.190	-3.38%	5.43	5.42	5.44

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.190

-3.38%

5.43

5.42

5.44

High Price	Low Price	Open Price	Prev. Close	52 Week Range
5.68	5.43	5.63	5.62	4.31 - 19.48

High Price

Low Price

Open Price

Prev. Close

52 Week Range

5.68

5.43

5.63

5.62

4.31 - 19.48

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:10:04	240.00	5.43	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:10:04

240.00

5.43

USD

Price x Volume	Volume	Base Symbol	Related Pairs
930,580.78	168,093.55	APT	APTEUR	APTGBP	APTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

930,580.78

168,093.55

Helium (HNT) Network Expansion Fuels 13% Gains Despite Faltering Market

08/09/2024 1:30am

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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