Launched in 2019, Helium is a decentralized blockchain-powered network for Internet of Things (IoT) devices. Forming a hotspot, Helium allows low-powered wireless devices to send data across nodes and communicate with each other. Recently, the native token of this crypto project, HNT, dipped, reducing to a meager price of less than $6.21. Let’s explore the recent awful market performances, some of the metrics suffering from the dip, and the chances of recovery.
Helium Awful Market Performance
Helium had a lousy performance in the crypto market following the drop in the price of Bitcoin to less than $63k. Apparently, there was a price dip of 50x, with prices falling below $6.3. In the weekly chart, the highest price of this token was $8.7, with the median price at $8.4 and the lowest at $6.1. At press time, there was a decline of over 28% in seven days, while there was an over 23% dip in the monthly, leading to a combined 50x decline.
Furthermore, market prices aren’t the only declining metrics, as the valuation and trading volume also suffer in the market. According to CoinMarketCap, Helium’s market valuation is just around $1 billion, putting it at number 88 and the trading volume at less than $20 million. Moreover, this signifies a lack of investor interest in the token, as there’s over 10x dip in the trade volume, making it the number 365 in the overall market.
What’s Behind Helium Bad Performances?
The broader crypto market was the major influence for the recent awful run in Helium’s price, with Bitcoin dropping temporarily to less than $63k. Furthermore, altcoins such as Ethereum followed suit, falling to less than $3,400. Apparently, this had an incredible effect on Helium’s price, having a combined 50x dip, with trading volume dropping below $15 million.
Helium (HNT) is also having poor developer activity, with data from Token Terminal showing a massive decline. In the past 30 days, the percentage of core developers dropped to less than 5%, with developer commits dropping to less than 8%. Moreover, since Binance decided to delist the token from its platform in 2023, there’s a continuing poor trading activity.
Will There Be Recovery?
Helium is already on the path of recovery after having more than an 8x increase in the daily chart, touching a new price level of $7.33. Apparently, metrics such as fees, price-to-fee ratio, and token incentives are increasing significantly in the market. According to Token Terminal, there’s a mouthwatering 36% increase in the price-to-fee ratio of this token, and the token incentives increased by over 13% to $7.2 million. Furthermore, fees spent on Helium (HNT) in the past 30 days are growing by over 18% to $421k.
Moreover, Helium is already trying to improve its brand image by organizing a number of educational summits. One of them is the recent announcement of Embedded World 2024 from April 9-11. They say they want to connect and educate a broader audience about the possibilities Helium Network offers within the embedded world. Furthermore, the community, hardware manufacturers, innovators, and network operators are invited to the event. In fact, with the broader market making a recovery, with Bitcoin pulling back to $67k, there’s a chance for Helium, too.
Conclusion
It was a depressing period for Helium holders in the crypto market, with the daily, weekly, and monthly experiencing different levels of dips simultaneously. With a combined 50x dip, HNT’s price dropped below $6.3, and the market valuation and trading volume went below $1.2 billion and $20 million, respectively. However, Helium is already recovering as Bitcoin climbs back to $67k, and metrics like fees and incentives are increasing. Moreover, the Helium team is beginning to make its brand image better with the upcoming Embedded World 2024.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
