January 28, 2023

  • HNT ranked as the number one altcoin on LunarCrush’s AltRank.
  • Major upgrades will be coming to Helium once it completes its migration to Solana.

Helium [HNT] took the number one spot in the ranking of altcoins that outperformed Bitcoin [BTC] on December 22, data from Lunar Crush showed.

The cryptocurrency social analytics platform has an AltRank feature where it tracks the social and market activity of 4,051 coins and how they outperform the leading coin BTC.

Are your HNT holdings flashing green? Check the profit calculator.

To log its position as the altcoin that most outperformed BTC in terms of social and market activity, out of all 4,051 altcoins tracked, HNT’s social volume ranked 58th and achieved a social score of 64.

Despite the growth in social activity, HNT has seen no price increase over the past month. Per CoinMarketCap, the value of HNT is down 24% in the last 30 days. In fact, the price of HNT is down 11% in the past 24 hours to cement its position as the cryptocurrency with the most decline in the past 24 hours.

With severe volatile price action, a review of HNT’s Open Interest revealed that the alt was largely followed by a bearish conviction.

According to data from Coinglass, HNT’s Open Interest dropped sharply by 86% between September 29 and December 21. Within this period, the price of the alt fell by 64%.

How many HNTs can you get for $1?

However, a positive change in investor sentiment in recent days has propelled the alt’s Open Interest to its highest level since Oct. 6.

Source: Coinglass

Helium’s plans as it migrates to Solana

In preparation for the eventual migration to Solana in the first quarter of 2023, the Helium Foundation is holding transition ask-me-everything (AMA) sessions with community members to flesh out its plans for when Helium will be deployed to Solana.

Last AMA sessionHelium Foundation confirmed four major upgrades that would benefit Helium users over the coming year.

It stated that prior to migrating to Solana, the core development team was building out the complex infrastructure for multiplier staking, delegating to subDAOs, Helium chain state and services to support its smart contracts.

Also, a new governance token known as Vote-escrowed HNT (veHNT) would be launched to “enable Helium governance.” According to the Helium Foundation, “veHNT is not a token, but represents voting power” and could be delegated to Helium subDAOs.

To gain voting rights on Helium, users would have to stake their HNT tokens. The strike period would determine the multiplier effect on voting power. Helium Foundation confirmed that “after the migration to Solana, everyone who wagers within the first 7 days will receive an additional 3X veHNT multiplier for their initial wager.”

Finally, Helium Wallet users could use the same for token and hotspot migration on the network.

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