Why is Helium (HNT) crypto rising? Is it due to new Helium Wallet?

June 10, 2022 03:16 AM AEST | By Versha Jain

Image source: © Vladsseven | Megapixl.com

What is Helium (HNT) crypto?

It is a decentralized blockchain-powered network for the Internet of Things (IoT) devices. It allows low-powered devices to communicate and send data across the nodes in the network.

The nodes create the so-called Hotspots, a wireless gateway and a blockchain mining device. The network uses a new consensus algorithm, the proof-of-coverage, allowing nodes to reach consensus when connection quality changes. Users are charged a transaction fee through the Data Credits token, which is non-exchangeable.

Also Read: Why Saitama (SAITAMA) crypto fell? Is it worth exploring?

HNT Token:

The HNT token can be traded on Binance, Bitget, FTX, and MEXC. Its current circulating supply is 119.37 million, and the total supply is 223 million. Its market cap is US$1.38 billion. The token’s 24-hour volume soared 236.95% to US$122.59 million.

Also Read: Is Chainlink (LINK) crypto rising because of its updated roadmap?

Bottom line:

Helium aims to improve wireless IoT communication through decentralization. The project is ranked 43rd on coinmarketcap based on the market cap. It calls itself a People-Powered Network. Currently, the network has 848,552 Hotspots.

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