How SOLANA is crashing HNT
Helium’s popularity seems to be fading away after a couple of major hits in the last 30 days down over 50% since last month. Here are a summary of reasons why HNT is crashing hard.
Helium Network’s Solana Transition:
Helium was based on its own blockchain, but Nova Labs is now preparing for a transition to Solana in order to increase the transaction speed on the network. But why are people mad? Because solana itself is not reliable and has seen numerous outages in the last 1 year. The proposal, officially named HIP 70, apparently has the “full support” of the Helium Foundation.The proposal has yet to pass with a vote on the motion scheduled September 12th, so HNT holders have until then to decide whether the move or not result might result in further volatility in the price of HNT Token.
Negative Press:
Coffeezilla’s expose on HNT has also impacted the price, famous youtube has made a negative analysis on the network that has kicked off the price dump. The video questions the slowed-down deployment of the HNT network, very less real-world use happening on the network, and how token mining is effectively pushing the price to the ground.