The native token of Helium Network, HNT, has been enjoying a bullish run, rising by 48% as the network reached 100k mobile subscribers.
In just seven days, the native token of Helium Network, HNT, has experienced an extraordinary increase of more than 48%. Helium Mobile, a decentralized blockchain-powered wireless phone service, recently accomplished a significant milestone, which fueled this surge.
For the first time since its inception in December 2023, the smartphone service has exceeded 100,000 subscribers. This achievement propelled HNT to new heights, establishing the token as one of the top-performing digital assets in the past week, eclipsing Ethereum (ETH) and Bitcoin (BTC).
Market Performance
HNT’s market value reached $5.21 on Monday morning, a nearly 10% increase in the past 24 hours and a 48.2% increase over the week, according to data from CoinGecko. The token’s market capitalization increased by 9.8% over the previous day, reaching $846 million.
Bitcoin’s performance over the past seven days was modest, with an 8.2% increase and a mere 1.11% increase in a single day, despite its status as the industry’s premier crypto asset. Ethereum demonstrated comparable performance to BTC during the same period, with an approximate 5% increase.
The appeal of HNT is derived from its blockchain technology. The Internet of Things (IoT) is the specific focus of the decentralized protocol. Unlike traditional networks, Helium operates through a decentralized system of tiny devices known as hotspots.
These hotspots function as network nodes, facilitating data exchange and device communication. In exchange for their assistance in verifying connectivity and expanding network coverage, hotspot proprietors are granted HNT tokens.
Milestone Achievement of 100,000
The protocol introduced its mobile business into the market last year, expanding its offering. The Helium Mobile service currently accounts for up to 90% of the network’s total revenue.
The blockchain’s mobile arm offers a wireless service independent of traditional cellular or Wi-Fi networks. Instead, it establishes a connection through Helium’s nodes, enabling seamless data and communication exchange.
Helium Mobile announced earlier this month that it has surpassed 100,000 subscribers, a milestone that underscores its substantial expansion. Within seven months of inception, this figure signifies an astonishing 300-fold increase in user adoption.
Recent Developments
Helium Mobile issued a comprehensive progress report on July 12 that outlined numerous critical initiatives. One is a pilot program in collaboration with crucial US telecommunications companies. This initiative is designed to expand the Helium Network’s user base and enhance its capabilities by transferring data to it.
The report also introduced a licensing program to enhance compatibility with third-party hardware manufacturers. This action is anticipated to expand the number of devices connected to the Helium Network, extending its scope.
Furthermore, integrating OpenRoaming compatibility will enable subscribers of any service provider that supports OpenRoaming to connect to Helium’s network, thereby improving the flexibility and diversity of data transfer options.
