Following Helium’s proposed move to the Solana blockchain, its token HNT is losing value amidst the uncertainty of the future of the blockchain network.
The price of HNT has decreased by nearly 15% since the Solana migration proposal was released on Tuesday afternoon, falling to a current price of $4.75 per token.
For Helium’s HNT, which is presently the biggest loser among the top 100 coins ranked by total market cap, it only continues a recent trend of downward movement. Currently, it has decreased by around 11% over the previous 24 hours, 32% over the previous 7 days, and a staggering 47% over the previous 30 days.
Helium’s HNT is the biggest loser among the top 100 coins ranked by total market capitalization. The token saw a drop of 11% in the last 24 hours and a shocking 47% loss in the past 30 days.
Helium Faced Controversy at The Beginning of The Month
At the start of August, Helium faced some controversy regarding accusations that the company cited partnerships that did not exist.
A cloud software firm called “Salesforce” and a scooter rental startup called “Lime” were both listed by Helium as having partnerships with the company.
Salesforce openly stated that they had no relationship with the defi wireless network. Meanwhile, Lime explained that they were a part of an “initial test” in 2019.
After the fact, Helium’s founder, Nova Labs, had to come public and say that they will be adopting a “more rigorous” process.
“Since the network launched in 2019, we’ve worked with a variety of companies on various applications and pilots,” Nova Labs told Decrypt. “In the case of the brands mentioned in recent articles, we had approvals to talk about the use cases but we’re going to be much more rigorous now about the logo approval process going forward to avoid any confusion. Both Nova and our partner the Helium Foundation have removed the reference.”
After having a troublesome August, Helium’s developers are looking forward to a brighter future following the likely move to Solana’s blockchain.
The creators of the crypto-powered wireless network have some interesting projects under their belt.
Recently, Helium has introduced a 5G network built for laptops and smartphones that currently has more than 3,000 node operators.
The company also aims to launch an innovative blockchain network that will make it simpler for other connection protocols to use Helium’s incentive structure by launching separate tokens for each protocol.