Blockchain

Helium (HNT) rose 40% after raising $111 million in funding and 100,000 active nodes milestone

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Among the more than 11,000 cryptocurrencies listed, there are some projects that provide revolutionary use cases that can improve the way society operates by integrating blockchain technology.

One of the projects is Helium (HNT), which is a decentralized point-to-point 5G wireless network, due to the successful completion of Token sale raised $111 million From multiple investors including Andreessen Horowitz.

Data from Cointelegraph Markets Pro and Transaction view After the announcement of the fundraising announcement, the price of HNT surged from a low of $14.03 to an intraday high of $18.14.

HNT/USDT 1-day chart. source: Transaction view

Three reasons for the growing strength of the Helium network include the expanding node ecosystem to provide coverage for the network, new companies and partners using the Helium network to track and store data, and the recently issued agreement halved.

“People’s Daily Online” nodes exceed 100,000

One of the biggest factors that increase the legitimacy of the Helium network is its expanding network of nodes, which exceeded 100,000 in July.

The increasing demand for hotspots has led to the submission of more than 50 hotspot manufacturer applications through the Helium Improvement Proposal (HIP) 19 process, which indicates that the number of hotspots may continue to increase in the foreseeable future.

The introduction of new hotspots has further promoted the growth of the network, including “Light‘Hotspots and pure data hotspots.

A map of all hotspots on the Helium network. source: helium

As of August 10, there were 117,377 nodes operating on the Helium network, with the highest concentrations found in the United States, Europe, and China.

New data partners join the network

Another bullish factor behind HNT’s recent moves is the growing list of data partners using low-cost networks.

The latest company to join the Helium network to meet its data management needs is Invoxia, a company that develops GPS trackers for individuals and businesses.

Other companies that use the Helium network to track everything from agricultural information to temperature readings include Salesforce, Conserv, Smart Mimic, and myDevices.

Helium network partner. source: helium

As the number of operating nodes increases and provides wider network coverage for low-cost data tracking, it is likely that more companies will use the network.

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Multiple factors reduce the circulating supply of HNT

The third development that puts positive pressure on the price of HNT is the recent halving, reducing the monthly issuance of HNT from 5 million to 2.5 million.

As the network increased its partners and expanded its coverage, the number of HNT issued every day was halved. As network activity increases, this has the potential to increase demand and cause further price increases.

This introduce The increase in the number of pledge validators on July 23 is another agreement development that has caused HNT to face positive price pressure.

Helium network validator statistics. source: helium

At the time of writing, more than 21.32 million HNT (23% of the total supply) has been removed from circulation and pledged on the network.

The recent financing from venture capital giants such as Andreessen Horowitz, Multicoin Capital and Alameda Research further proves that Helium is a fundamentally powerful project with real-world applications and is likely to see further growth in the short and long term.

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