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Helium’s HNT Token Drastically Down by Over 50% in Last 30 Days

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  • The market cap of HNT tokens 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 a price of $3.73USD. It currently has a market cap of $468M USD. It is currently down approximately 92% from its all-time high.

HNT’s 30-days Data Analysis

Source:CoinMarketCap

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 a time when major blockchain networks suffer from 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). Many members of the community tagged a bad idea because of the history of Solana with network outages.

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.”

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