Helium is down 26% as HNT Dumps Blockchain for Core Hotspot, switched to Solana

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Despite the upcoming strong partnership between the two decentralized networks Helium and Solana Helium It fell 26% and failed to recover the previous day’s losses. As a result, HNT fell below the $5.00 mark.

Solana, a peer-to-peer blockchain network designed for the “Internet of Things” (IoT), using wireless technology to connect devices, will migrate from Helium’s custom blockchain to Solana’s proof-of-stake blockchain.

This step was taken to improve the operational efficiency of the Helium blockchain. According to the developers of Helium Core, the switch to Solana will increase network scalability and provide “huge economies of scale” for the network.

As a result, this news has not yet had a significant impact on Helium Coin as the coin’s price has declined since the day.

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One of the main reasons why digital coins, including Helium Coin, remain under pressure in the ocean is that the cryptocurrency market has seen a significant decline. In addition, the coin’s fall was helped by a strong US dollar, which hit a 20-year high.

Helium decreased by 26 percent

Helium is currently trading at $4.53 per pound, with a 24-hour trading volume of $14.5 million. Helium is down 7.23% in the last 24 hours and 26% in the last seven days.

Helium price chart

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Helium price chart – Source: TradingView

CoinMarketCap is currently ranked #69, with a live market cap of $568 million, a circulating supply of 125,355,542 HNT coins, and a cap supply of 223,000,000 HNT coins.

Helium can be dismissed by blockchain.

Helium(HNT) is a blockchain platform powered by crypto token incentives. The Helium Network works with users installing Helium Hotspots to provide decentralized wireless 5G network coverage to local Internet users. HNT uses a new consensus mechanism known as “Coverage Verification” to verify network connectivity. When coverage is confirmed, Helium Hotspot providers are awarded HNT tokens.

According to Helium’s GitHub website, the HIP 70 proposal aims to improve these data transport and network coverage capabilities. HIP-70 is a proposal to switch the network from Helium’s custom blockchain to Solana to improve the efficiency of the Helium blockchain. The Helium Foundation is also said to be part of the HIP 70 proposal.

According to the foundation, the proposal will start a strong alliance between the two decentralized networks. The announcement marks a watershed moment for the two networks, particularly in terms of development and collaboration. However, this news has not had a significant impact so far, as the price of helium currency has been declining since its launch.

Bearish Crypto Market and Strong US Dollar

At the beginning of the new month, the market value of all cryptocurrencies fell by 2.09 percent to $975.54 billion, indicating losses in the cryptocurrency market. Solana, as well as the prank coin Dogecoin, have all seen significant price drops (DOGE). As a result, it was clear that the cryptocurrency’s price plummeted as one of the primary reasons for the coin’s collapse.

The US dollar recently hit a 20-year high, fueled by the loss of the Helium coin. The broad-based U.S. dollar gained a lot of attention as investors bid to raise U.S. interest rates. Additionally, risk-off market sentiment and increased interest in safe-haven assets such as the US dollar helped the safe-haven US dollar.


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