Helium Mobile Price Jumps By 100% In A Day, What’s Behind the Rally

Bhushan Akolkar
December 18, 2023 Updated December 19, 2023
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Helium Price

While major altcoins experience a retracement, small-cap altcoins like Helium Mobile (MOBILE) dominate with a 100% surge to $0.0070 and a 200% increase in trading volume to $18 million in the last 24 hours.

Why Is the Helium Mobile Price Rallying?

Helium Mobile recently introduced nationwide unlimited mobile services at a monthly cost of $20, and current estimates suggest that the mobile virtual network operator (MVNO) has amassed approximately 8,000 subscribers. As part of the onboarding process, new Helium Mobile subscribers are presented with the option to earn ‘mapping rewards’ by sharing their phone’s session connection data with Helium.

If users agree, a non-fungible token (NFT) is minted into their Helium (Solana) wallet, and holders of this NFT receive a proportionate share of $MOBILE mapping rewards, constituting 20% of all $MOBILE rewards.

In cryptocurrency terminology, Helium Mobile users can receive $MOBILE rewards, a form of cryptocurrency payment, by placing an NFT that supports location monitoring on their phones. These mobile phones come equipped with access to a Helium cryptocurrency wallet operating on the Solana blockchain platform.

Growing Demand For NFTs

By opting to incorporate the NFT, customers assist in identifying locations where Helium users gather. This data is valuable to Helium Mobile as it allows the company to encourage users to deploy hotspots in those areas, ultimately reducing the MVNO network-usage payments to T-Mobile.

Salvador Gala, co-founder of Escape Velocity Ventures, which invests in the decentralized web (DeWi) space, revealed insights into the Helium Mobile NFT issuance. According to Gala, one crypto-tracking site indicates approximately 8,000 recipients of Helium Mobile’s NFT, a figure believed to represent an accurate customer count.

Another count, totaling around 34,000, includes individuals who downloaded the app and opted into mapping but may not have subscribed to a cell phone plan yet. Gala also highlighted that a significant portion of Helium Mobile’s customers likely signed up during the period when $5 per month services were available in Miami before the nationwide launch of $20 per month services

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.