#Helium #HNT #cryptocurrency #blockchain #IoT #crypto #decentralization #governance
Despite broader market challenges, Helium (HNT) has emerged as a standout performer, achieving a 13% increase as per the latest CoinGecko data. This growth comes at a time when the cryptocurrency market is largely bearish, making HNT’s performance even more notable. The driving force behind this surge is a series of on-chain developments and expansion efforts that have placed Helium in the spotlight and generated long-term hype for the platform. However, it’s important to note the precarious position of the market, which continues to experience dips, suggesting that the token’s recent gains could be at risk. Investors are closely watching to see if Helium can maintain its upward trajectory in the face of these market headwinds.
A key development for Helium has been the passing of HIP 124, a proposal titled “Securing IoT Governance Through Voting Rewards,” which saw an overwhelming 95% approval rate among voters. This initiative aims to increase participation in the governance of the IoT Network by rewarding veIOT holders who partake in governance votes. Historically, the platform has seen low participation in governance due to the lack of incentives and the opportunity cost associated with voting. HIP 124 seeks to address this by rewarding participants with emissions from HIP-52’s dedicated oracles, thus expectedly increasing voter turnout by lowering the financial barriers to governance participation.
Further bolstering Helium’s ecosystem is the expansion of Helium Mobile’s network, now boasting 767 hotspots through its Carrier Offload Program. This expansion has led to a significant uptick in users, with nearly 200,000 non-Helium subscribers now using the network. Such growth underscores the increasing utility and adoption of Helium’s network, reflecting positively on the platform’s strategic direction and its potential for continued expansion.
However, despite the positive developments and investor sentiment, HNT faces immediate challenges, notably a potential decline below the $7.455 mark, driven by rejection at the $8.689 resistance level. This suggests a cooling-off period after the bullish trend last month, with the Relative Strength Index (RSI) indicating that while momentum remains with the bulls, it has notably weakened. This weakening momentum, combined with the broader market’s instability, necessitates cautious optimism from investors and traders. They are advised to keep a close watch on broader market trends, as these could significantly impact HNT’s short to long-term performance. Despite these cautionary signals, the underpinnings of HNT, supported by continuous on-chain developments and a positive outlook among investors, provide a solid foundation for its future prospects.
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