A16z-Backed Helium (HNT) Rallies 32%, Outperforming Bitcoin, Ethereum - Helium (HNT/USD)

Helium HNT/USD surged 32% on Wednesday, topping intraday gains and outpacing apex crypto Bitcoin BTC/USD, and Ethereum ETH/USD.

What Happened: At the time of writing, HNT was trading at $2.14. One of the biggest catalysts behind the surge has been the announcement that HNT is moving to the Solana SOL/USD Blockchain in the first quarter of 2023.

The Helium Network, a decentralized peer-to-peer 5G wireless network, raised $111 million in August in a token sale led by Andreessen Horowitz.

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Unlike traditional cellular networks like Verizon or AT&T, the Helium network uses a revolutionary decentralized infrastructure powered by hotspots. These hotspots are small, wireless devices that are connected to the Helium blockchain and provide range and accessibility without relying on costly cell towers centralized by major cellular operators.

Price Action: At the time of writing, apex crypto BTC was trading at $16,852 up 0.02%. ETH at $1,214, up 0.54% the last 24 hours, according to Benzinga Pro.