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Solana-Based Helium (HNT) Jumps 50% in Instant, Here's Reason

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Wed, 6/12/2023 - 13:37
Solana-Based Helium (HNT) Jumps 50% in Instant, Here's Reason
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Helium (HNT), which is based on Solana, had a stunning 50% increase in a relatively short time during today's trading session.

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The price increase began on Tuesday, shortly after the Helium network announced that users throughout the United States can now access unlimited data, voice and text for $20 per month via a newly launched mobile service.

Since partnering with T-Mobile in September 2022, Nova Labs, the company behind the Helium Network, has been planning the nationwide phone plan launch.

This became a reality as Helium Mobile has now launched a nationwide phone plan leveraging the Helium network — a mobile service backed by people-powered hotspots and a 5G network.

Given this, HNT, the Helium Network's native crypto asset, rallied from lows of $2.75 to highs of $3.00 in Tuesday's trading. The price increase hit a critical level at $3.00, coupled with the positive ride in the crypto market, causing HNT bulls to go on a rampage.

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This accelerated the rise, with Helium's HNT jumping from $3.00 to $4.99 in Wednesday trading, creating a monster green candlestick.

TradingView
HNT/USD Daily Chart, Courtesy: TradingView

At the time of writing, HNT was up 47.33% in the last 24 hours to $4.06. This price move has made Helium one of the largest gainers, ranking second only to Bittorrent, which has gained 105% in the last 24 hours.

In response to the price volatility, HNT's 24-hour trading volume has also increased. Helium's trading volume soared by 1,039% in the previous 24 hours, according to CoinMarketCap data, with $28,912,353 worth traded in the last 24 hours.

In April, Helium completed its upgrade to Solana in one of the most significant Layer-1 blockchain migrations ever. Helium previously operated its own Layer-1 blockchain, but the Solana network provided more opportunities for growth and success.

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