Helium’s HNT token falls to a two-month low following Binance.US delisting announcement and ahead of its migration to the Solana blockchain, raising concern among investors.
HNT, the Helium token, hit its lowest value in two months following Binance.US’s announcement that it would delist the cryptocurrency on March 21.
The value of the token has decreased by 20% in the last 24 hours and was recently trading at $1.98. The delisting precedes Helium’s upcoming transition to the Solana blockchain from its native blockchain.
Helium Network is a distributed system of wireless access points designed to offer an alternative to traditional Internet or mobile data services. Cryptocurrencies power these services, and network participants receive rewards for their participation.
Hotspots earn HNT when they provide and validate wireless coverage and transmit data over the network.
The Helium Foundation expressed disappointment with Binance.US’s decision to remove HNT prior to the migration, but acknowledged the exchange’s position.
The foundation highlighted that the migration to Solana is a major event for the industry, similar to Ethereum’s shift from proof-of-work to proof-of-stake.
The transition to Solana is scheduled, with migration scheduled for March 27.
This decision follows a period in which the project’s initial rapid growth in adoption stalled and faced allegations of dishonesty regarding crucial partnerships and their profitability.
In response to these claims, founder Amir Haleem clarified in a tweet thread that Helium does not do business with organizations that use the network.
Instead, “evangelize the net” to help them build apps.
