HNT - Why Is Helium (HNT) Crypto Plunging Today?
Among the cryptocurrencies making headlines this week is Helium (CRYPTO: HNT) , an intriguing blockchain-based Internet-of-Things (IoT) play. This network, which allows users to install Helium hotspots and receive decentralized 5G wireless network coverage, made a big announcement on Tuesday. Developers behind the Helium project put forward a proposal, dubbed HIP 70, that would transition the entire Helium network onto the Solana (CRYPTO: SOL) blockchain.
Helium's HNT token has been on a downward trend since the announcement. As of 1 p.m. ET Thursday, Helium has lost 11% over the past 24 hours. Since Tuesday's peak, Helium has lost approximately 20% of its value.
This proposed shift has certainly startled many within the Helium community. Helium has operated on its own blockchain since its inception in 2013. However, developers have noted that Solana can provide economies of scale that aren't possible with the current network. Accordingly, many in the Helium community appear to have initially backed this proposal.
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Why Is Helium (HNT) Crypto Plunging Today?