According to data, Helium’s HNT token has lost roughly 9% of its value in the last 24 hours, the most in this timeframe.
HNT is down 37% in seven days, falling from a high of $6.20 to as low as $3.86.
Over the course of 30 days, the picture becomes bleaker. According to CryptoSlate data, the HNT token has dropped by more than 55% in the last 30 days, making it one of the top 100 losers.
Meanwhile, Helium’s market cap has plummeted from more than $1 billion to $490 million as of press time. HNT for helium is down 92% from its all-time high.
Helium faces a number of challenges
The asset’s poor price performance comes at a time when the blockchain network has been plagued by numerous issues.
First, angel investor Liron Shapira published an explosive Twitter thread in which he revealed that Helium is in short supply and that investors’ returns have been dismal.
According to a recent tweet from Shapira, “the eventual destination of the HNT token price is $0.”
.@Helium market cap in free fall pic.twitter.com/N0ZmnmxjQc
— Liron Shapira (@liron) September 5, 2022
I think I helped deflate the bubble, but speculation bubbles are often resistant to popping from the facts, so I didn’t know it would play out this way.
I just know the eventual destination of the HNT token price is $0.
— Liron Shapira (@liron) September 5, 2022
According to another report, Helium may have misled the public by lying about its partnership with Lime and Salesforce.
Meanwhile, the network’s developers recently proposed a migration to Solana (SOL), which many community members have dismissed as a bad idea due to Solana’s track record of network outages.
Despite these issues, Helium has released a 5G network targeted at smartphones and laptops with over 3500 node operators, according to Helium explorer data.
To read our blog on “ConsenSys announces Ethereum merger with green NFTs,” click here