Helium's future may now rest in the hands of the Solana blockchain.
What happened
Among the cryptocurrencies making headlines this week is Helium(HNT 2.37%), an intriguing blockchain-based Internet-of-Things (IoT) play. This network, which allows users to install Helium hotspots and receive decentralized 5G wireless network coverage, made a big announcement on Tuesday. Developers behind the Helium project put forward a proposal, dubbed HIP 70, that would transition the entire Helium network onto the Solana(SOL 4.55%) blockchain.
Helium's HNT token has been on a downward trend since the announcement. As of 1 p.m. ET Thursday, Helium has lost 11% over the past 24 hours. Since Tuesday's peak, Helium has lost approximately 20% of its value.
So what
This proposed shift has certainly startled many within the Helium community. Helium has operated on its own blockchain since its inception in 2013. However, developers have noted that Solana can provide economies of scale that aren't possible with the current network. Accordingly, many in the Helium community appear to have initially backed this proposal.
That's not to say everyone's happy with this idea. Some have pushed back against Helium's switch to the Solana blockchain. Among the concerns cited are downtime issues and questions of how decentralized the Solana blockchain really is.
Now what
Truth be told, Helium is a project I've yet to dive into. At first glance, there's some real utility that appears to be possible with the Helium network, should end users really start adopting this network. Thus far, it appears demand for Helium's 5G wireless services remains limited, with some reports of only $6,500 a month in revenue, despite capital raises of around $350 million.
Like most crypto projects, Helium is still in its infancy, and attempting to find a way to grow into the large-scale project many believe it can become. Maybe transitioning to the Solana blockchain is the key to success. Or maybe generating more awareness ought to be the goal of the Helium team.
Whatever the case, this proposal appears to be generating more ill feelings than positive ones right now. For crypto investors with strong feelings about Helium either way, this sort of volatile period could provide an interesting entry point.
Chris MacDonald has positions in Solana. The Motley Fool has positions in and recommends Solana. The Motley Fool has a disclosure policy.
FAQs
Why HNT coin is going down? The biggest reason Helium's price is going down is as the entire crypto market is down due to Federal Reserve interest rate hikes. The market conditions must improve to reverse this trend and Helium prices to move in the opposite direction.
Will Helium hnt recover? ›
Our real-time HNT to USD price update shows the current Helium price as $5.91 USD. Our most recent Helium price forecast indicates that its value will increase by 13.54% and reach $6.71 by May 01, 2024.
What is the future prediction for HNT? ›
Will Helium go back up? Based on our algorithmically generated price prediction for Helium, the price of HNT is expected to decrease by 225.74% in the next month and reach $ 13.45 on May 20, 2024. Additionally, Helium's price is forecasted to gain 178.43% in the next six months and reach $ 11.49 on Oct 17, 2024.
What is the Helium market prediction? ›
The global Helium market size was valued at USD 9388.44 million in 2021 and is expected to expand at a CAGR of 14.62% during the forecast period, reaching USD 21291.27 million by 2027.
Why did Helium drop so much? ›
There are multiple reasons for HNT's recent decline. Perhaps the biggest reason could be Binance's recent announcement stating that it would delist the token from the platform in the coming days. The world's largest crypto exchange will discontinue the HNT/USD trading pair on March 24, at 03:00 (UTC).
Why did Helium fail? ›
In July 2022, cryptography investor Liron Shapira announced on social media that the decentralized wireless communication network Helium had secured massive funding of $365 million but that the monthly revenue of the Helium network and a single mining machine were insufficient.
Will helium be gone? ›
The United States' reserves were purchased in 1925 and will be gone in only a hundred years from getting it. Once the Helium is released into the atmosphere it is gone forever. There is no chemical way of manufacturing Helium. The reserves the U.S. has came from very slow radioactive alpha decay that occurs in rock.
Is helium going to run out? ›
In 2019, David Cole-Hamilton, emeritus professor of chemistry at the University of St Andrews, told the Independent that he estimated that the world had around 10 years left of helium unless more effort was put into recycling. Others suggest between 100 and 200 years of helium usage could be a best estimate.
Will we lose all helium? ›
Yes, the Earth is running out of helium because it is a nonrenewable resource. This is how Total Helium brings value to its investors and other stakeholders, by performing the important work of helium exploration and storage. Helium is the second most abundant element in the universe, with hydrogen being the first.
What is the all time high of Helium HNT? ›
HNT Historical Price
| 24h Range | $3.87 – $4.02 |
|---|
| 7d Range | $3.87 – $4.33 |
| All-Time High | $54.88 92.9% Nov 12, 2021 (over 2 years) |
| All-Time Low | $0.1132 3346.1% Apr 18, 2020 (about 4 years) |
Helium Price Prediction Overview
It has experienced a change of +1.75% over the last week, bringing its current price to $4.12. Nevertheless, within the last 24 hours, HNT has increased by +10.26%. Despite this short-term fluctuation, the overall sentiment remains optimistic, with a potential surge to $4.86 by 2025.
How much will 1 ethereum be worth in 2030? ›
Ethereum (ETH) Price Prediction 2030
According to your price prediction input for Ethereum, the value of ETH may increase by +5% and reach $ 4,306.32 by 2030.
Is helium one a buy sell or hold? ›
The overall consensus recommendation for Helium One Global is Strong Buy.
Is helium commodity a good investment? ›
Given its unique properties, helium is a “critical irreplaceable commodity” for several industries, said Anish Kapadia, chief analytics officer at the Edelgas Group. “There has been an increasing undersupply of helium over the last decade, which has led to the growth in the number of companies exploring...
Has the price of helium gone up? ›
The global helium market has experienced four shortages since 2006, says Phil Kornbluth, a helium consultant. And the price of helium has nearly doubled since 2020, from $7.57 per cubic meter to a historic high of $14 in 2023, according to the United States Geological Survey.
Will Helium mobile coin reach $1? ›
Helium Mobile would need to gain 44,584.70% to reach $1. According to our Helium Mobile prediction algorithm, the price of Helium Mobile will not reach $1. The highest expected price our algorithm estimates is $ 0.079487 by Jan 1, 2049.
What is the price prediction for Helium mobile in 2024? ›
Further, according to our analysis in the long term, Helium Mobile price prediction for October 2024 shows the average price of MOBILE at 0.0035 and the highest possible price for October 2024 would be $0.0037.
Is Helium mining a good investment? ›
Helium mining can certainly be profitable in 2024, especially seeing as you can mine three assets at once. However, it's important to do your due diligence, and check things such as the Helium miner map in your area to see if it's worth setting one up in your area.
