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