Helium, an altcoin project on the Solana network, is experiencing a surge in its price after Coinbase, a top US crypto exchange, announced that it will list the digital asset for trading. Coinbase plans to list Helium on its platform once appropriate liquidity conditions are met.
According to Coinbase, Helium (HNT) will be supported on the Solana network. Traders in regions where trading is supported can transfer this asset on Coinbase. The trading of HNT will commence on or after 9 am PT on July 12th, 2023, if liquidity conditions are met. Initially, the trading pairs will be limited to HNT-USD, and additional trading pairs may be added later. However, support for HNT may be limited in some jurisdictions.
After the announcement, the price of Helium surged to a high of $1.48. At the time of writing, it is trading at $1.44, showing a more than 21% increase from its 14-day low of $1.19.
Helium is a decentralized network for the Internet of Things (IoT) that allows IoT devices connected to the network to communicate and share data using smart contracts and enterprise applications. Participants in the network, including those who set up Helium hotspots, are rewarded with HNT tokens.
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By adding support for Helium, Coinbase aims to provide more coverage for IoT devices in a more cost-effective and efficient manner compared to traditional networks. The addition of Helium to Coinbase’s listing roadmap in June further strengthens its commitment to supporting innovative altcoin projects like Helium under its “Experimental Label.”
It’s important to note that trading altcoins carries a certain level of risk, and the Experimental Label indicates that they may have lower liquidity compared to more established cryptocurrencies. Investors are advised to do their due diligence before making any high-risk investments.
In conclusion, Coinbase’s decision to list Helium (HNT) on its platform for trading has sparked a rally in the altcoin’s price. As a network for IoT devices, Helium offers a decentralized solution that rewards participants with HNT tokens. Coinbase’s support for Helium under its Experimental Label demonstrates its commitment to promoting innovative altcoin projects on its platform. However, investors should exercise caution and conduct thorough research before engaging in trading activities involving altcoins.
