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

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

Helium HNT crypto
Image source: © Vladsseven | Megapixl.com

Highlights:

  • Helium (HNT) is a decentralized blockchain-powered network for IoT devices.
  • On Thursday, it launched the Helium Wallet, available on Apple and Android play stores.
  • The network currently has 848,552 hotspots.  

Helium (HNT) token was trending on Thursday following new updates from the company.

Helium is participating in CoinDesk’s Consensus 2022 festival to “showcase and celebrate digital currencies” in Austin, Texas. Guest speakers at the event include Abhijit Ganguly, a venture capitalist at Goodyear. He will speak about Web3 and mobility.  

Helium also launched its Helium Wallet App on Thursday. It is now available on Apple and Android play stores. It will help users manage tokens and identity on the Helium network.  

In February this year, the company announced plans to split Helium App into two functional components: Hotspot management and Token management. 

The new Helium Wallet App will manage user identity and tokens.

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The Helium (HNT) crypto was up 8.90% to US$11.60 at 9:58 am ET on Thursday.

Helium will celebrate its third anniversary in July this year.

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Helium HNT cryptoData Source: coinmarketcap.com

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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.

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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. 

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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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