HNT was ranked as the number one altcoin in LunarCrush’s AltRank. Major updates coming to Helium once its migration to Solana is complete.
Helium [HNT] secured the number one spot in the ranking of altcoins outperforming Bitcoin [BTC] on Dec. 22, LunarCrush data showed.
The cryptocurrency social analytics platform has an AltRank feature, through which it tracks the market and social activity of 4051 coins, as well as how they outperform the leading coin BTC.
LunarCrush Data
To record its position as the altcoin that best outperformed BTC in terms of market and social activity, out of all 4,051 tracked altcoins, HNT’s social volume ranked 58th and posted a social score of 64.
LunarCrush tweeted that “Based on relative combined social + market activity, Helium has hit an AltRank™ of 1 out of the top 4,051 coins across the market,” and provided data about the last 24-hour activity.
Despite the growth in social activity, HNT has not seen any price rebound in the past month. Per CoinMarketCap, the value of HNT has fallen 24% in the last 30 days. In fact, in the last 24 hours, the HNT price fell by 11% to cement its position as the cryptocurrency with the biggest drop in the last 24 hours.
With highly volatile price action, an assessment of HNT’s open interest revealed that the alt had been followed primarily by bearish conviction.
According to data from Coinglass, HNT open interest fell 86% between September 29 and December 21. Within this period, the price of the alt fell by 64%.
However, a positive turnaround in investor sentiment in recent days has lifted the alt’s open interest to its highest level since October 6.
Helium Plans on Migration to Solana
In preparation for its eventual migration to Solana in Q1 2023, the Helium Foundation is conducting Ask Me Anything (AMA) transition sessions with community members to craft their plans for when Helium rolls out to Solana.
In the last session, AMAHelium Foundation confirmed four important updates that Helium users will benefit from next year.
It claimed that prior to the migration to Solana, its core development team was building the complex infrastructure for staking multipliers, delegating to subDAO both the Helium chain state and services to support their smart contracts.
In addition, a new governance token, known as Vote-escrowed HNT (veHNT), would be released to “drive Helium governance.” According to the Helium Foundation, “veHNT is not a token, but rather represents voting power” and would be delegable to Helium’s subDAOs.
To get voting power in Helium, users would have to stake their HNT tokens. The participation period would determine the multiplying effect on voting power. The Helium Foundation confirmed that “after the migration to Solana, anyone who wagers within the first 7 days will receive an additional 3X veHNT multiplier on their initial wager.”
Lastly, Helium Wallet users could perform the same procedure for token migration, as well as hotspots on the network.
By Audy Castaneda
