Helium’s HNT token is in freefall as it has lost roughly 9% of its value in the last 24 hours –the highest over this timeframe– according to CryptoSlate data.
On the seven days metrics, HNT is down by 37%, falling from a high of $6.20 to as low as $3.86.
The picture is grimmer over the 30 days metrics. According to CryptoSlate data, the HNT token is down by over 55% in the last 30 days, making it one of the biggest losers among the top 100 coins.
Meanwhile, Helium’s market cap has also drastically declined from over $1 billion to $490 million as of press time.
Helium’s HNT is down 92% from its all-time high.
Helium is faced with several challenges
The poor price performance of the asset is coming at a time when the blockchain network has been rocked with various issues.
First, angel investor Liron Shapira wrote an explosive Twitter thread where he revealed that Helium has little to no demand and that investors’ returns have been really poor.
A recent tweet from Shapira stated that “the eventual destination of the HNT token price is $0.”
I think I helped deflate the bubble, but speculation bubbles are often resistant to popping from the facts, so I didn’t know it would play out this way.
I just know the eventual destination of the HNT token price is $0.
— Liron Shapira (@liron) September 5, 2022
Another report revealed that Helium might have misled the public by lying about its partnership with Lime and Salesforce.
Meanwhile, the network’s developers recently proposed a migration to Solana (SOL), which many community members have labeled a bad idea because of Solana’s history with network outages.
Despite these issues, Helium has released a 5G network targeted at smartphones and laptops with over 3500 node operators, according to Helium explorer data.
Also, the developers revealed that the proposed migration to Solana would benefit the network as it could lead to more adoption and rewards for hotspot owners.
Removal of the staked validator reward also returns the full 6.85% of HNT emissions back to the rewards pool, benefitting Hotspot owners on all subDAOs. In the first year alone, this is estimated to be over 2 million more HNT rewarded.
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