HNT, the native token of Helium, a crypto wireless network, declined by over 22% on Friday after the world’s leading exchange Binance announced plans to remove the token from its platform. In a statement, the exchange warned users that they wouldn’t be able to trade the HNT token from March 23.
At one point yesterday, the token traded within the $1.49 mark, but the price has since increased to $1.61, according to data from CoinGecko.
On Tuesday, the American-based entity of Binance, Binance.US, also announced that it would stop support for the HNT trading.
Helium provides Way Forward for HNT holders on Binance
The Helium governing body has advised the HNT holders on Binance to consider transferring their tokens either to exchanges that have confirmed migration support or to the self-custodial Helium Wallet app.
The HNT delisting comes just a month before Helium migrates to Solana. One of the exchanges that will be supporting Helium migration efforts is Gate.io.
In an announcement yesterday, Helium revealed it had decided to reschedule its long-awaited merge with Solana for April 18.
Helium’s new partner, Solana, is the blockchain behind the 12th-largest cryptocurrency, SOL. While HNT declined massively in the past 24 hours, SOL posted 9.7% gains during the same period to trade at $22.09 as of this writing.
The Helium Foundation says its network’s merge with Solana will facilitate faster, more scalable, and more reliable data transfer for devices.
Helium is the first decentralized wireless network that enables users to share connectivity with each other using smartphones, providing greater privacy than the traditional Wifi network. In addition, users earn HNT tokens in the process.
Helium attracted a lot of interest from prominent investors like Andreessen Horowitz in mid-2021 when its token was trading at $23.99. HNT reached its all-time high of $54.89 in November of that year.
However. since the blockchain began facing troubles last year, many of its alleged partners, including cloud software company Salesforce and Scooter rideshare startup Lime, have denied their association with Helium, despite the firms’ logos appearing on the network’s website.