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- The market cap of HNT token dropped by more than 50%.
- It dropped from over $1B to ~$460M.
According to the analysis by CoinMarketCap, Helium’s HNT token is down 4.05% in the last 24 hours, with the price of $3.73USD. It currently has a market cap of $468M USD. It is currently down approximately 92% from it’s all-time high.
HNT’s 30-days Data Analysis
The above chart shows the massive drop in the market cap of HNT. On August, 7 2022 the market cap of HNT was noted at $1.10B with the price of $8.8585, which then dropped to $468M to the price of $3.73.
The drastic price drop of HNT can be seen at the time when major blockchain networks suffer with major issues.
An angel investor, Liron Shapira mentioned in a Twitter thread that Helium has little to no demand and the returns to the investors noted are really very poor. In his recent tweet, Shapira stated that “the eventual destination of the HNT token price is $0.”
In another report, it revealed that Helium might misguide the public by its false partnership with Lime and Salesforce.
However, the developers of the network recently proposed a migration to Solana (SOL). In which many members of the community tagged a bad idea because of the history of Solana with network outages.
ALSO READ – Loopring Price Analysis: When will LRC Recover Itself above the Rising Wedge?
As per the data from Helium explorer, besides all issues, Helium has released a 5G network that targets smartphones and laptops with more than 3500 node operators.
A developer further revealed about the proposed migration to Solana as it would benefit the network and lead to more adoption and rewards for hotspot owners. “Removal of the staked validator reward also returns the full 6.85% of HNT emissions back to the rewards pool, benefitting Hotspot owners on all subDAOs. In the first year alone, this is estimated to be over 2 million more HNT rewards.”
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
