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

Christian Encila

9 months ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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.

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.

HNT is currently trading at $7.94. Chart: TradingView

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.

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.