Why are Helium (HNT) cryptocurrencies increasing? Is it due to the new Helium Wallet?

The Helium Token (HNT) was trending Thursday following the new company updates.

Helium participates in CoinDesk’s Consensus 2022 festival to “show and celebrate digital currencies” in Austin, Texas. Guest speakers at the event include Abhijit Ganguly, a Goodyear venture capitalist. He will talk about Web3 and mobility.

Helium also launched its Helium Wallet app on Thursday. It is now available on the Apple and Android Play Stores. It will help users manage tokens and identity on the Helium network.

In February of this year, the company announced plans to split the Helium app into two functional components: hotspot management and token management.

The new Helium Wallet app will manage user identity and tokens.

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The cryptocurrency Helium (HNT) rose 8.90% to $ 11.60 at 9:58 AM ET on Thursday.

Helium will celebrate its third anniversary in July this year.

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Helium HNT encryptionData source: coinmarketcap.com

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What is Helium (HNT) crypto?

It is a blockchain-based decentralized network for Internet of Things (IoT) devices. It allows low-power devices to communicate and send data across network nodes.

The nodes create so-called Hotspots, a wireless gateway and a blockchain mining device. The network uses a new consensus algorithm, proof-of-coverage, which allows nodes to reach consensus when connection quality changes. Users are charged a transaction fee via the Data Credits token, which is not exchangeable.

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HNT Token:

The HNT token can be traded on Binance, Bitget, FTX and MEXC. Its current outstanding supply is 119.37 million and the total supply is 223 million. Its market capitalization is $ 1.38 billion. The token’s 24-hour volume jumped 236.95% to $ 122.59 million.

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Bottom line:

Helium aims to improve wireless IoT communication through decentralization. The project is ranked 43rd on coinmarketcap based on market capitalization. It is defined as a network powered by people. Currently, the network has 848,552 hotspots.

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