Helium Network to Migrate to Solana Blockchain, Sending Prices Soaring
Yesterday, the Solana team announced that the official migration of the Helium network would take place on March 27th, which led to a spike in SOL and HNT prices.
What is Helium (HNT)?
Helium is a blockchain that focuses on building an IoT (internet of things) network utilizing physical hotspots and was developed to encourage the development of decentralized wireless networks.
Helium migrates to Solana
The news about the transition has had a positive impact on the prices of both SOL and HNT, with both cryptocurrencies experiencing significant increases.
The migration will require the current Helium blockchain to be halted for 24 hours on the transition date. Once completed, HNT will be compatible with Solana’s ecosystem, providing more utilities for Helium users. Additionally, the Helium wallet app will become a Solana wallet, allowing users to access all their HNT tokens and Hotspots on the Solana blockchain.
SOL and HNT price
Following Solana’s announcement, HNT and SOL both experienced significant price increases, with HNT rising nearly 10% to $3.22 and SOL jumping as high as 12% to $27. Despite its recent growth, SOL is still down 89.85% from its all-time high of $260 in November 2021.
At the time of writing SOL is trading at $25.3, while HNT is trading at $3.11.