Helium Is Increasingly In Crisis When The Price Of HNT Plunges “Not Seeing The Bottom”

Helium (HNT) is facing a severe downturn as the blockchain network has been rocked with various problems. Its market capitalization has plummeted more than 50%, from over $1 billion to around $490 million.

From the beginning of August 2022 until now, the project Helium, considered one of the biggest successes in the Web3 space recently, has not been able to escape the serious crisis coming from many sides, and is putting a lot of pressure on the platform.

HNT is in free fall as it has lost about 4,7% of its value in the past 24 hours, the highest level in this timeframe, according to CoinCu data. In the seven-day figures, HNT is down more than 37%, falling from a high of $6.2 to a low of $3.82.

The asset’s low price performance is coming at a time when the blockchain network has been rocked with various problems.

First, angel investor Liron Shapira wrote in a Twitter thread where he revealed that Helium has little or no demand and that investors’ returns are really poor.

The cause of Helium’s demise probably stems from the alleged background incident in business activities in early August 2022 by the famous individual investor Liron Shapira.

Very few people still believed that Shapira’s argument was correct at that time. However, perhaps now, investors have a different perspective when looking at the price of HNT. On September 5, Liron Shapira continued to give her views on HNT in the coming time:

Another report revealed that Helium may have deceived the public by lying about its partnerships with Lime and Salesforce. CoinCu also had an article about this case.

Despite these issues, the project has released a 5G network targeting smartphones and laptops with more than 3500 node operators, according to Helium explorer data.

Additionally, the developers reveal that the proposed migration to Solana will benefit the network as it can lead to more adopters and reward hotspot owners.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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