After last week’s phenomenal performance, Helium continues to show strong support at the $46 level. Currently trading at $45.9, HNT is keeping investors excited amid a recent partnership with Dish.
Last week HNT managed to nearly double in price, rising from $26 and peaking at $51. The big announcement came straight from Dish, stating that they have partnered with Helium’s network allowing customers to deploy their own 5G CBRS-based hotspots.
What Is Helium?
The Helium Network is a blockchain-powered decentralized network for IoT. Helium allows communication between wireless devices across their network dubbed “The People’s Network.”
300,000 Hotspots are now on the @Helium Network globally ?!
Just the biggest real-world blockchain. Nothing to see here ?. pic.twitter.com/havIlzF1aJ
— Helium? (@helium) November 9, 2021
In recent news, looking at the official helium explorer we can see that there are over 300,000 hotspots currently live on the Helium Network. This milestone makes Helium the largest operating IoT blockchain.
In addition, we can see that there are 27.73M HNT currently staked. With a max supply of 223M, this means over 10% of all HNT tokens are locked up.
How to Mine Helium?
If you’re looking to start mining HNT yourself, you would need to purchase a miner. There are several companies that make Helium miners, but from what I gathered most of them were being sold on eBay with a huge markup, some priced at over $1000.
How to Stake Helium?
When it comes to staking helium, you have 2 options. If you have over 10k HNT the best option is to just set up the validator node yourself on Digital Ocean or AWS.
The other option is for those that have under 10k HNT and don’t want to deal with the technical side of setting up a node. Independent staking providers are available which offer competitive pricing on your HNT, and will handle all aspects of maintaining the node.
Helium Price & Tokenomics
At the time of writing Helium is trading at $45.9 dipping slightly below the $46 support level.
The big reason for HNT’s current bearish pressure is most likely due to the fact that Bitcoin and Ethereum are both struggling with momentum. It seems that no matter the news, BTC is still king when it comes to dictating bullish or bearish sentiment.
Helium’s market cap is a whopping $4.64B ranking it the top 45th largest cryptocurrency. With a circulating supply of 50%, my long term outlook on HNT is positive.
This is not trading or investment advice, always do your own research before buying any cryptocurrency.
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