According to CryptoSlate data, Helium’s HNT token is in a free fall as it lost about 9% of its value in the last 24 hours.
In the 7-day indicator, HNT is down 37% from a high of $6.20 to a low of $3.86.
Looking at the 30-day metrics, things get even tougher. According to CryptoSlate data, HNT token has fallen more than 55% over the past 30 days, making him one of the biggest losers among the top 100 coins.
Meanwhile, Helium’s market cap has also dropped significantly from over $1 billion to $490 million at the time of writing.
Helium HNT is down 92% from its all-time high.
Helium faces some challenges
Asset price performance is declining at a time when the blockchain network is rocking with various issues.
First, angel investor Liron Shapira wrote an explosive Twitter thread revealing that there is little to no demand for helium and very low returns for investors.
Shapira’s recent tweet states, “The ultimate destination for the HNT token price is $0.”
I think it helped deflate the bubble, but speculative bubbles are often reluctant to burst from the facts, so I didn’t know this was going to happen.
We know that the final destination for the HNT token price is $0.
— Liron Shapira (@liron) September 5, 2022
According to another report, Helium may have lied about its partnerships with Lime and Salesforce to mislead the public.
Meanwhile, network developers recently suggested moving to Solana (SOL), but many community members label this a bad idea due to Solana’s history of network failures. .
Despite these issues, Helium has released a 5G network targeting smartphones and laptops with over 3500 node operators, according to Helium explorer. data.
Also, the developer clearly The proposed migration to Solana would benefit the network as it could lead to more recruitment and rewards for hotspot owners.
Removing staked validator rewards will return all 6.85% of HNT emissions to the reward pool, benefiting Hotspot owners across all subDAOs. It is estimated that over 2 million of his HNT will be rewarded in his first year alone.
