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Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks

Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks

Dogecoin (DOGE) is up 80% in a day and trading volume has spiked more than 800% as the altcoin sees a publicity surge with a familiar source.

DOGE/USD 1-day candle chart (Binance). Source: Tradingview

DOGE to $1?

Data from Cointelegraph Markets, CoinMarketCap and Tradingview showed a transformation taking place in the DOGE ecosystem overnight on Jan. 27, with DOGE/USD hitting $0.0138.

In a matter of hours on Thursday, the pair added over 80% to its spot price before correcting, still holding 1 cent support at the time of writing.

The gains accompanied a similar surge in interest on social media, with Twitter activity up by more than 300%. The source, it appears, is the same Reddit group that sparked a dramatic but highly controversial bull run in the stock price of U.S. consumer electronics firm GameStop.

A parody Twitter account posing as the moderator for r/Wallstreetbets queried:

“Has Doge ever been to a dollar?” 

Subsequently, the hashtags #dogecoin and #dogecoininto1dollar began trending among users in the United States, referencing a long-held dream among the altcoin’s investors.

BTC/USD, DOGE/USD (blue), $GME (orange). Source: Tradingview

Dogecoin price licks GameStop’s heels

Dogecoin already has something in common with $GME, both assets having seen publicity tweets from Tesla CEO and world’s richest man, Elon Musk in recent weeks. As Cointelegraph reported, Musk’s tongue-in-cheek endorsement of DOGE was enough to induce serious price action.

On Reddit itself, users attempted to insert hints to invest in the meme-based altcoin, despite dedicated posts being removed by r/Wallstreetbets moderators. 

As the fear of repercussions mounts over GameStop’s performance, meanwhile, cryptocurrency proponents argue that Reddit users combining forces to outpace unprepared institutions are simply playing by the rules of capitalism.

“I know this GameStop stuff is funny, but you have to remember this is hurting real people who own multiple boats,” Kevin Farzad, a member of music group Sure Sure, added.

$GME gained 200% on Wednesday, with after hours trading seeing a reversal of around 15% from the top. Overall, the stock is up 1,600% since Jan. 12.

Mystery surrounds bizarre class-action lawsuit against Ripple over $48 loss

The Ripple community is at a loss to explain the motivation behind a class-action lawsuit filed by Florida man Tyler Toomey against Ripple Labs and Ripple CEO Brad Garlinghouse over a $48.56 loss.

In November 2020, Toomey purchased 135 XRP tokens at $0.724 each for a total value of $97.80. Following news of another lawsuit against Ripple in Dec that year, Toomey sold his investment for $49.24, suffering a loss of almost 50%. He’s now launched a class action costing eight times more in filing fees than the loss he claims to have incurred.

According to the Middle District of Florida website, where the lawsuit was filed, the cost of filing a civil action is $402.

Adding to the general weirdness of the case the amount demanded by Toomey is $5,000,001,000 and the Magistrate presiding over the case shares his unusual surname — Magistrate Judge Joel B. Toomey.

The filing states that the class-action is on behalf of Toomey (the plaintiff, not the magistrate), “and all others similarly situated against Defendants Ripple Labs,” so it’s possible his motivation is to merely enable other investors to take similar action.

Toomey is also seeking “injunctive relief” due to the amount of XRP held by the defendants which the filing claims, “they can continue to monetize, while creating substantial risk to investors.”

The Ripple community don’t seem to know what to make of the case, with some having taken offense while others believe it a joke. One Twitter user offered $200 in XRP for Toomey to drop the lawsuit.

New Jersey attorney Jess Hynes suggested the law is at fault for enabling such malarky.

“This stuff is going to keep happening and you can blame Congress and the SEC for it. @RepMaxineWaters refused to do her job last session. Let’s hope she does it this go around.”

Ripple is currently trading at $0.25, down 4% in the day, suggesting few investors are taking this lawsuit to heart.

GameStop short squeeze highlights the power of decentralization

The success of the GameStop short squeeze in pumping the price above $370— and the reaction from centralized authorities and markets to it — has highlighted the need for decentralized finance, according to some in the crypto industry.

The stock, which was trading at less than $20 per share earlier this month, was deemed by members of the r/WallStreetBets subreddit to be under attack by a hedge fund which had disclosed a large short position in the stock.

As a result of the pump coordinated on Reddit and executed by individual traders using platforms like TD Ameritrade and Robinhood, hedge fund Melvin Capital Management lost a total of $3.75 billion by having to close their massive, losing short position on GME.

Various centralized trading platforms have now put limits on trading the stock and the president of NASDAQ — the exchange on which GME is listed — suggested that trading could be temporarily halted on stocks deliberately targeted by internet users, in order to give investors a chance to “recalibrate.”

Eyebrows were also raised when the subreddit behind the short squeeze, WallStreetBets, was taken offline temporarily and its Discord channel suspended, apparently over content moderation issues.

The crypto community has watched on with fascination as traditional markets start to resemble crypto markets, only worse.

Mike Novogratz, CEO of digital assets management company Galaxy Digital, likened what happened with GME to “a giant endorsement of DeFi” on Twitter, calling it “a revolution that started with people not trusting central authority.” He also drew comparisons between the Reddit-based movement and the current social climate of inequality that has gripped the U.S., as well as many other countries, in recent years.

Anthony Scaramucci of SkyBridge Capital — which owns about $385 million in BTC — also believes recent events surrounding GME were positive for the future of Bitcoin, telling Bloomberg that they are “more proof of concept that Bitcoin is going to work.”

But not everybody was impressed, including CNBC’s Jim Cramer, who downplayed the event’s significance on a recent episode of Mad Money.

“As entertaining as these moves are, this stuff is only a sideshow,” said Cramer. At the end of the day I don’t think a Reddit forum can bring the house down.”

“They’re picking undervalued stocks, opening big short positions and running with them. That can cause crazy moves in a handful of stocks, but it’s not enough to move the entire market. C’mon.”

The jaw dropping rise in GameStop saw derivatives and futures specialists at FTX list a tokenized version of GME futures for trading against cryptocurrency-based collateral last night. FTX’s inclusion of GME comes at a time when platforms such as TD Ameritrade and Robinhood are putting restrictions on its trade.

Driven higher by afterhours and futures trading on smaller, non-traditional platforms, the price of GME opened at $354.83 on Wednesday, representing a 140% gain overnight.

Guggenheim says institutional demand not enough to keep BTC above $30K

Guggenheim’s Scott Minerd has come out with another gloomy price outlook for Bitcoin stating that there is not enough institutional demand to keep the asset over $30,000.

The chief investment officer of the financial services firm told Bloomberg Television the institutional investor base was not big enough to sustain the current prices.

“Right now, the reality of the institutional demand that would support a US$35,000 price or even a US$30,000 price is just not there. I don’t think the investor base is big enough and deep enough right now to support this kind of valuation.”

Minerd added that Bitcoin is still a viable asset class in the long run. Since its all-time high of $42,000 on January 8, Bitcoin has corrected 27% to current prices around $30,600. Three prominent lower highs on the chart suggest that the downtrend is strengthening.

The Guggenheim executive also thinks that this downward pressure has a lot further to go, adding that it is “not uncommon to see squeezes like this”:

“Now that we have all these small investors in the market and they see this kind of momentum trade, they see the opportunity to make money and this is exactly the sort of frothiness that you would expect as you start to approach a market pop.”

On January 20, Minerd told CNBC that he expects prices to fully retrace back to $20,000. If this scenario plays out, it would entail a correction of more than 50%, and that has happened several times during previous market cycles. The last time BTC fell by over half was in March 2020 when it dropped from just over $10,000 to below $5,000 in just three weeks.

Guggenheim has not changed its stance on the long term outlook for Bitcoin, however, with Minerd stating in December that the firm’s fundamental work has shown that Bitcoin could be worth about $400,000.

As Bitcoin approaches this psychological support level at $30,000, the imminent expiry of $4 billion in BTC options could favor the bulls according to analysts.

Australia’s eSafety Commissioner touts blockchain as a solution to trolls

Australia’s eSafety Commissioner Julie Inman Grant has suggested a blockchain-powered ID solution could help tackle cyber abuse and trolling while allowing users to maintain a level of anonymity.

Speaking to New South Whales media outlet The Sydney Morning Herald, Grant said that while anonymity was beneficial for general online use, people hiding behind anonymity online to harm others remained a big problem in society. She said blockchain-powered digital IDs could help strike a balance by hiding user’s details unless requested by law enforcement.

Inman Grant stated that:

“There’s more that they can do in terms of their intellectual capability, their access to advanced technology, their vast financial resources, to come up with better systems to identify who’s on their platforms and violating their terms of service.”

Ms Inman Grant worked at Microsoft during the 1990s and was involved in shaping the controversial Section 230 of the Communications Decency Act in the U.S. which provides social media companies with immunity from liability for user content.

Facebook and Twitter’s decision to deplatform former U.S. President Donald Trump following the riots on the U.S. Capitol highlighted the difficulties social media companies face in balancing the desire to protect the public from harmful content while allowing freedom of expression and opinion.

Blockchain-based pseudonymity could play a part in helping users feel comfortable expressing themselves while enabling the authorities to take action against users inciting violence or harassing others.

The use of blockchain technology to develop digital ID solutions is being trialed by companies in numerous countries around the world including Japan, Korea, U.S., and China.

Japanese firm Layer X is building an electronic voting solution using blockchain technology for digital ID in partnership with xID.

Blockchain-based ID has also been explored by Ontology as a tool to improve its in-car payment solutions, such as automatic insurance claims in the event of an accident.

In an effort to bring a degree of normality back to the tourism and travel industry after COVID-19, technology companies including ShareRing have developed blockchain-based tracing systems that also double as a traveler’s digital passport and proof-of-health.

Adoption of these solutions is increasing with one million South Koreans opting into a blockchain-based drivers license solution only four months after it was launched. According to Statista, this represented more than 3% of the entire driving population for that country.

Bitcoin price dips below $30K but here’s why pro traders are still bullish

In the last 24-hours Bitcoin (BTC) price dropped 10% today to test the $30,000 support. This drop below what traders have described as a ‘key’ support occurred just two days ahead of this month’s futures and options expiry. 

Despite the record-high $4 billion options expiry being just two days away, both bull and bear sides traded similar sizes today.

Unlike futures contracts, options are divided into two segments. Call (buy) options allow the buyer to acquire BTC at a fixed price on the expiry date. On the other hand, the seller of the instrument will be obliged to make the BTC sale. Generally speaking, they are used on either neutral arbitrage trades or bullish strategies.

The put (sell) options are commonly used as hedge, protection from negative price swings.

To understand how these competing forces are balanced, one should compare the calls and put options size at each expiry price (strike). Options markets are all-or-none, meaning they either have value or become worthless if trading above the call strike price, or the opposite for put option holders.

Aggregate options trade volume in the past 24 hours. Source:

The trading volume over the past 24-hours has favored the more bullish call options by 51%. Nevertheless, this number is polluted by the ultra bullish strikes priced at $37,000 and higher. Considering there’s less than 36 hours before the expiry, these contracts are trading below $50 each.

Excluding these over-optimistic strikes, today’s trading added another $95 million worth of call options open interest below $35,000. On the other hand, the more bearish put options at $27,000 and higher amount to $90 million worth of open interest.

The result of today’s activity has been neutral for Friday’s options expiry. Nevertheless, one should check the overall open interest imbalance separate from today’s movement.

BTC Jan. 29 aggregate options open interest by strike. Source:

By excluding the put options below $27,000 and the call options above $35,000, it is easier to estimate the potential impact of Friday’s expiry. Incentives to pump or dump the price by more than 16% become less likely, as the potential gains will seldom surpass the cost.

This data leaves $582 million worth of call options up to $35,000 for the aggregate options expiry on Jan. 29. Meanwhile, the more bearish put options down to $27,000 amount to $422 million. Therefore, there’s a $160 million imbalance favoring the more bullish call options.

Considering the volumes traded over the past 24 hours and the put options open interest, there’s not much gain for bears in pressuring BTC below $29,000, at least from the options market standpoint.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

INX’s acquisition of security token platform OpenFinance almost complete

Crypto IPO issuer INX has announced that its acquisition of security token offering platform OpenFinance is almost complete.

According to an email sent to OpenFinance users, the parties are now just awaiting regulatory approval to complete the change in ownership. INX — which is licensed by the U.S. Securities and Exchange Commission — expects its digital asset and securities trading platforms will be launched “in the next few months.”

The acquisition will see INX take on OpenFinance’s broker-dealer and alternative trading system, or ATS, business, including all licenses, digital asset listings, as well as its customer base. The move is expected to more than quadruple INX’s user base.

Shy Datika, INX’s president and founder, said that “the broker-dealer and ATS business enables investors to trade security tokens on the OpenFinance platform.”

“Now we expect to go live a few months after closing [the deal] with both our cryptocurrency trading platform and a fully-regulated securities trading platform.”

According to Security Token Group’s December 2020 report, Openfinance currently hosts pairings for five tokens representing a combined market cap of nearly $27.7 million, or roughly 7.4% of the total security token capitalization. However, monthly volume across the platform was just $6,660.

INX plans to build on the existing listings, announcing future support for the tokens of diamond market-maker Diamond Standard, Wave’s Kentucky Whiskey Fund, digital real estate platforms Klickown and Solidblock, and the in-game currency for Pixelmatic’s upcoming MMO strategy game.

In December, security tokens drove roughly $2.7 million in monthly volume. However, 95% of the activity took place on Overstock’s tZERO platform.

3 reasons why Uniswap (UNI) token hit a new all-time high above $15

Uniswap’s decentralized exchange has emerged as one of the critical pieces in the decentralized finance sector, with the DEX benefiting from the first-mover advantage after it became the go-to exchange for new projects and traders in 2020. 

In late 2020, 400 UNI tokens were distributed to all wallet addresses that previously provided liquidity on the platform at at its peak thhe impromptu airdrop was worth north of $3,500.

By late October of 2020 the DeFi market has sold-off sharply and this pinned UNI price below the $4.00 mark for weeks but since the start of 2021, UNI token has gained 335% and reached a new all-time high at $15.35 on Jan. 27.

UNI/USDT 4-hour chart. Source: TradingView

At the moment, the driving forces behind the rise in the price of UNI are an increase in daily volume transacted on the platform, the rise in the platform’s total value locked, and the roll-out of governance features as the Uniswap v3 launch approaches.

Total value locked continues to rise

Monitoring the total value locked (TVL) of a DeFi protocol is one of the primary metrics used to determine its legitimacy and how involved the community.

A rising TVL indicates that users of the platform trust the platform enough to deposit their funds to earn rewards and it typically means that the liquidity pools are more competitive than other exchanges in the sector.

The Uniswap platform recently established a new all-time high TVL of $3.16 billion on Jan. 24, and this was boosted by an increase in the price of many of the top cryptocurrencies as well as popular DeFi tokens.

Total value locked in Uniswap. Source: Defi Pulse

Uniswap is now the top-ranked DEX in terms of TVL, and when it comes to lending the platform ranks fourth as Maker (MKR), AAVE and Compound (COMP) lead in this area.

Uniswap’s trading volume competes with the top centralized exchanges

A second driver of UNI’s recent surge is the sharp rise in trading volume on the exchange.

Data from Uniswap shows the DEX’s daily volume is consistently above $400 million since the beginning of 2021 and the metric surged to a new high at $1.3 billion on Jan. 11. This level of volume now places Uniswap in competition with some of the top centralized exchanges in cryptocurrency.

Uniswap 24-hour volume. Source: Uniswap

Transactions on Uniswap also surpass those of its direct competitors and data from Dune Analytics shows that in early 2019 the main competitors were Kyber Network and IDEX.

Monthly DEX volume. Source: Dune Analytics

Since that time the number of DEXs has continued to expand but by March of 2020 Uniswap had established itself as the preferred choice for traders and it has remained the dominant DEX into 2021.

Excitement surrounding the v3 rollout bolsters UNI price

While many airdrop recipients were elated to sell their tokens shortly after receiving them, those who chose to hold on to them now have the ability to receive extra benefits with the addition of governance features.

The Uniswap Treasury currently has $500 million in it and recently Uniswap founder Hayden Adams asked the community “what are some of the most impactful ways governance can allocate this UNI?”

As the list of delegates for the Uniswap platform continues to grow, demand for UNI token is likely to increase as more UNI are locked on the platform for governance purposes.

Excitement around the upcoming Uniswap v3.0 continues to build and in addition to new governance features, solutions for the high gas fees and improvements to the impermanent loss structure are expected.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

NFTs on the news: Mega-whale Pranksy brings collectible highlights to the fore

On the evening of Jan 25, longtime non-fungible token (NFT) collectors, developers, and believers witnessed a bizarre, but likely validating piece of blockchain history: legendary collector-whale Pranksy was interviewed on the Fox 5 New York evening news during a segment on NBA Topshot, an NFT-backed collectible highlights project. 

NFTs on the nightly news is the culmination of a variety of intersecting trends. For one, it’s a testament to the developmental progress the NFT space has made since CryptoKitties, the last blockchain-based collectibles project to attract a hint of public attention in 2017. The interfaces are sleeker, transactions are easier, the prices often much, much higher — and in Topshot, a use case long thought as niche or secondary is gaining real mainstream traction due to an unusually snug product-market fit.

For Pranksy, however, it marks a celebratory lap for a collector whose rise to prominence and success is possibly among the most remarkable in crypto: on the back of a lone initial deposit of $600, Pranksy now claims to command a NFT collection worth upwards of $9 million, with almost $7 million in Topshot highlights alone. 

“I like to think of myself as the working man’s whale,” the 29-year old former game developer told Cointelegraph in an interview. “I’ve never been backed by large amounts of FIAT, and I didn’t buy Ethereum early.”

It’s a multi-million dollar achievement that itself demonstrates the growth of the NFT space, one which has been on a remarkable tear as of late. To get a sense for how both NFTs and Pranksy came this far — and where everything is going — we sat down the semi-anonymous collector and some of his colleagues to discuss whales in illiquid markets, recognizing successful new products, and the future of digital collecting.

Slow grind

Pranksy making the news through his NBA Topshot collection has a pleasing touch of synchronicity to it: the collector first entered NFT markets because of another project from Topshot developers Dapper Labs, CryptoKitties. 

“So I started NFTs in 2017 after getting a tip off from a friend (My now business partner Carlini8) that ‘digital cat pics’ were going viral and selling for loads of money. I took a look at the site, installed Metamask, deposited $600-$800 in ETH and never looked back.”

In just a few weeks, his deposit grew to upwards of $30,000 as CryptoKitty mania took hold and clogged up Ethereum for days on end.

From there, Pranksy branched out to other projects, turning “flipping” into a second source of income aside from game development. His niche was investing heavily into projects at launch, commanding a huge supply of the circulating NFTs and growing “notorious for providing a lot of volume and liquidity to a project.”

“Pranked is a market expert and volume churner at the highest level,” said fellow NFT collector and developer Nate Hart. “People hate on flippers because of the downward pressure they put on a market, but the reality is they’re essential since a project with no volume is often a dead project.”

Nate and Pranksy have long been friends and rivals, and in 2020 engaged in a semi-public race to 1000 Ethereum in profits from NFT trades (a race that Hart made sure to specify that he’d won). Pranksy’s cornering of the Topshot market, however, has put him back in the lead.

While Pranksy’s early and aggressive accumulation of NBA Topshot Moments was a tactic he’d developed over years of practice, it wasn’t always an easy journey.

“2018-20 was a hell of a grind, scraping around for an ETH here or there, when ETH was $200,” Pranksy said.

His Opensea and Ethereum address functionally serve as histories of the NFT landscape from 2017-present, with hundreds of projects and millions of NFTs represented in his hoard.

Whales’ world

Pranksy’s rise to whale status coincides with a growing number of major traders and collectives looking to replicate his strategies — and possibly do so with more sinister intentions. 

In the traditional art world, individuals can amass and effectively control corners of the market, such as the Mugrabi family with Andy Warhol work. Given the sudden interest from retail investors, the same practices could be applied to NFTs with relatively minimal capital.

Just last week, the half billion dollar whale wallet turn Twitter personality 0x_b1 placed a 600 ETH bid for a rare CryptoPunk, the original generative art NFT project, only to be outbid by a group of buyers including FlamingoDAO, a DAO which focuses on NFT investments. The Punk now has a social-media managed personality, a marketing innovation first brought to the fore by Axia, another wildly high-priced NFT.

Pranksy himself just joined FlamingoDAO in a transaction where he traded 60 ETH worth of Topshot moments for 1% of the DAO’s holdings, and will serve as an advisor on future purchases. He admitted that DAOs or major buyers controlling markets posed “a risk,” but said that FlamingoDO was his first participation in a DAO and that he couldn’t comment further. 

Nat Hart also acknowledged that there might be some market manipulation at play, but so far the effect has been minimal.

“I think this already happens to some extent, but just because the average price of something is high doesn’t necessarily mean anyone new will pay it…. I can’t really think of a specific time where a very large holder has came back and completely rekt a market either, so the sellers seem to understand their own positions here,” he said.

Artist Kevin Abosch, who often uses blockchain as a medium, told Cointelegraph that he’s frequently approached by both real-world and NFT funds cooking up schemes, and warned that new entrants to the market should be wary of marketing and hype.

“There are thousands of self-proclaimed ‘crypto-artists’ or ‘NFT-artists’ who see the headlines of big sales on the NFT auction platforms and understandably think there’s a gold-rush. It’s important to recognize that there’s an engineered vacuum being created and inside the vacuum it’s easy to make it seem like there are a few hyper-successful artists in the space and that a sophisticated market is emerging,” said Abosch.

“While I’m obviously deeply involved in the space, I have to tune out all the money-talk. At some point it’s vulgar. Art is for lovers and the art market is for hustlers,” he added.

Blue sky

While it might never again generate the kind of returns that propelled Pranksy to riches, he still believes the NFT market has plenty of gas in the tank. The key is that news reports such as Monday’s — which often strike some grizzled veterans as an obvious top signal — could lead to sustained engagement that brings “new people and collectors to the space.” 

It’s not an absurd notion, either. Yesterday, Topshot eclipsed the single-day all-time secondary market activity record.

Nate Hart agrees that Topshot could be a sustained hit. 

“I think if you look at traditional NFTs, you essentially have baseball card collecting without the baseball. I remember collecting cards with my friends when I was a kid and while I always enjoyed tracking their values in the Beckett price guide and keeping up with a mental figure of my cardfolio, I never actually cared about selling them. I think Top Shot is becoming that trojan horse that allows real fans and collectors to collect something that they actually want,” he said.

For his part, Pranksy is angling to capture a new round of popular interest in NFTs with his latest business venture, NFT Boxes. Similar to subscription boxes in the real world, NFT Boxes will deliver to users a monthly “loot box” containing curated NFT collections.

There might still be room for successful solo traders and developers as well, however… so long as they put in the work.

“My advice to developers and collectors is to do their research! Don’t suddenly drop a new project or invest heavily into something without first spending some time in discord and on social media […] Nothing worse than buying items on opensea blind or buying a cheap license and releasing a collectible card game NFT of it.”

IoT growth, partnerships, ease of mining drive Helium (HNT) price higher

Helium is a decentralized blockchain-powered network designed to allow low-powered wireless devices to communicate with each other and send data across its network of nodes.

Since July 2020, Helium’s native token, HNT, has increased 550% in value from $0.35 to a 2021 high of $2.25 on Jan. 25 as fundamentals for the network continue to improve.

Three reasons why HNT is poised for continued growth are the increasing size and coverage of its node network, the ease of running a node for passive income, and the growing number of partnerships Helium has brokered.

HNT/USDT 4-hour chart. Source: TradingView

A growing network of nodes

Helium was founded in 2013 by Amir Haleem, Shawn Fanning and Sean Carey with the goal of creating a “People’s Network” specifically designed to improve the communication capabilities of wireless Internet of Things (IoT) devices.

Since launching its mainnet in July 2019, the network has seen steady growth in the number of active nodes and companies utilizing the Helium blockchain for IoT data transfers.

Data from Helium’s website shows there were 3,271 active hotspots at the end of April 2020. As of Jan. 26, there are 17,178 active nodes, a 525% increase over the last 9 months.

Helium network coverage map. Source: Helium

Demand for hotspots was so great that Helium sold out of units in North America and Europe, prompting several companies to create compatible devices, like the RAK Hotspot Miner or the Bobcat Miner from EasyLinkIn.

The emergence of multiple companies offering hardware that is compatible with the Helium network bodes well for the continued expansion offered by the company.

Easy node operation for passive income

Setting up a cryptocurrency mining rig or operation is no easy task. The technical know-how is high, and the funds required to develop new mining equipment that is energy efficient is quickly pricing out the average miner.

HNT miners only need an internet connection, a smartphone and a hotspot miner. The hotspots are a combination of a wireless gateway and a blockchain mining device that allow users to mine and earn rewards in the form of the native HNT token. The ease of mining HNT is likely one of the driving forces behind the network’s adoption.

New partners join the network

Aside from price action, engagement with the actual project and its blockchain is fundamental to the success of any blockchain network. The cryptocurrency sector is full of “ghost chains” that have little to no activity on them to justify the value of their tokens, and aside from bot-driven trading, many of the projects are illiquid.

A quick glance through Helium’s Twitter feed indicates that the engagement on the network is seeing steady growth as new partners are added to the network on a weekly basis.

Some of the recent partnerships include Nobel Systems, a company that hosts a parking app that monitors parking spot availability, and Airly, a company that operates a system that monitors global air quality. Helium also formed a partnership with NOWi, a company that operates a network of sensors that alert property owners when leaks and abnormal water use is detected.

The use of IoT and smart devices is likely to increase in 2021, and Helium’s numerous new partnerships and the strong performance of HNT indicate that the project is well positioned to take advantage of this trend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.