Amidst the more than eleven,000 listed cryptocurrencies are a few projects that are revolutionary utilise cases capable of improving the way that gild operates through the integration of blockchain applied science.

One such project is Helium, a decentralized peer-to-peer 5G wireless network that made headlines on Aug. 10, thanks to the successful completion of a token sale that raised $111 million from multiple investors, including Andreessen Horowitz.

Data from Cointelegraph Markets Pro and TradingView shows that the price of HNT spiked 30% from a low of $xiv.03 to an intraday high at $xviii.14 following the fundraising proclamation.

HNT/USDT 1-day chart. Source: TradingView

In that location are three reasons behind the growing strength of the Helium network: a continually expanding ecosystem of nodes that provide coverage for the network, new companies and partners that employ the Helium network to track and store data and the recent issuance halving that the protocol underwent.

The "people's network" hits 100,000 nodes

One of the biggest factors boosting the legitimacy of the Helium network is its expanding network of nodes that surpassed 100,000 in July.

Increasing demand for hotspots has resulted in more than 50 hotspot manufacturer applications being submitted through the Helium Improvement Proposal 19 (HIP-nineteen) procedure, and this signals that the number of hotspots could continue to ascent for the foreseeable future.

The network's growth is further bolstered by the introduction of new types of hotspots, including a "Light" hotspot and data-merely hotspot.

Map of all hotspots on the Helium network. Source: Helium

As of Aug. 10, 117,377 nodes were operating on the Helium network, with the highest concentrations found in the United States, Europe and Mainland china.

New data partners join the network

Some other bullish cistron behind HNT'due south recent motion is the expanding list of data partners using the depression-price network.

The latest company to join the Helium network for its information management needs is Invoxia, a visitor that develops GPS trackers for individuals and businesses.

Some of the other companies that utilize the Helium network to track all manner of information from agricultural information to temperature readings include Salesforce, Conserv, Smart Mimic and myDevices.

Helium network partners. Source: Helium

As the number of operational nodes expands to offer wider network coverage for low-cost information tracking, more companies will likely use the network.

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Multiple factors reduce HNT's circulating supply

A tertiary development that has put positive pressure on HNT toll is the recent halving that cut the monthly issuance of HNT from 5 million to ii.v 1000000.

Halving the amount of HNT issued per twenty-four hour period comes at the same time that the network is adding partners and expanding its coverage. This has the potential effect of increasing demand and leading to further toll growth as network activeness increases.

The introduction of staking validators on July 23 is another protocol evolution that has led to positive price pressure on HNT.

Helium network validator statistics. Source: Helium

At the time of writing, more 21.32 one thousand thousand HNT — 23% of the total supply — has been removed from circulation and staked on the network.

The recent fundraising circular from venture upper-case letter giants like Andreessen Horowitz, Multicoin Capital and Alameda Research is further proof that Helium is a fundamentally strong project that has real-earth applications and the potential to come across further growth in the short and long term.

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