May 25, 2024
Helium Mobile (MOBILE) Surges 90% in 24 Hours
Altcoins News

Helium Mobile (MOBILE) Surges 90% in 24 Hours

Helium Mobile (MOBILE) is leading a significant shift in the cryptocurrency market toward smaller-cap altcoins, as its price has surged by 90% in the last 24 hours, reaching $0.0072.

The surge in the altcoin’s value is reflected in its trading volume, which has soared by 243%, totaling $19.8 million.

The rapid increase in Helium Mobile’s price is attributed to its recent introduction of nationwide unlimited mobile services, competitively priced at $20 per month. This strategic move has resulted in the mobile virtual network operator (MVNO) gaining an estimated 8,000 subscribers.

A distinctive feature of Helium Mobile’s service is the integration of blockchain technology, providing subscribers with the opportunity to earn ‘mapping rewards.’

Subscribers who choose to share their phone’s session connection data with Helium receive a non-fungible token (NFT) minted into their Helium wallet on the Solana blockchain. These NFT holders are entitled to a share of the MOBILE mapping rewards, constituting 20% of all $MOBILE rewards.

This approach not only incentivizes users but also assists Helium Mobile in gathering valuable location data, ultimately reducing network usage costs and improving service efficiency.

Salvador Gala, co-founder of Escape Velocity Ventures, a firm investing in decentralized web technologies, offered insights into Helium Mobile’s NFT issuance. According to Gala, approximately 8,000 individuals have received the Helium Mobile NFT, a number closely aligned with the company’s subscriber count.

Additionally, around 34,000 individuals have interacted with the app for mapping purposes, even if they haven’t subscribed to the service yet.

This surge in Helium Mobile’s value occurs amid a broader downturn in the cryptocurrency market. The total market capitalization currently stands at $1.55 trillion, experiencing a 2.52% decline.

Image by helium

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