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Following the strong rise and subsequent healthy pullback of major altcoins, investors have turned their attention to smaller-scale alternatives, leading to sharp price increases for many. One such altcoin is Helium Mobile’s MOBILE, which has seen its price jump by 100% in the last 24 hours, reaching $0.0070. Similarly, its trading volume surged by 200%, hitting $18 million. So what’s behind the rally of this altcoin? Here are the details.
Why Is Helium Mobile’s Price Rising?
Helium Mobile recently started offering unlimited mobile services nationwide for a monthly fee of $20, and current estimates suggest the mobile virtual network operator (MVNO) has reached about 8,000 subscribers. As part of its market entry, Helium Mobile offers new subscribers the option to earn ‘mapping rewards’ in exchange for sharing their phone’s session connection data. This option has increased interest in the altcoin MOBILE.
In return for accepting this offer, an NFT is minted in users’ Helium (Solana) wallets, and the owners of this NFT receive a proportional share of the MOBILE mapping rewards, which make up 20% of all MOBILE rewards. In cryptocurrency terminology, this means that Helium Mobile users can receive MOBILE rewards in the form of cryptocurrency by placing an NFT that supports location tracking in their phones. These mobile phones are equipped with access to a Helium cryptocurrency wallet operating on the Solana Blockchain.
Demand for NFTs Is Rapidly Increasing
Customers’ use of the NFT option allows Helium Mobile to determine user locations. These data are very valuable for Helium Mobile as they enable the company to encourage users to establish active spots in these areas and ultimately reduce mobile network usage payments to T-Mobile.
Salvador Gala, founding partner of Escape Velocity Ventures, which invests in the Decentralized Web (DeWi) space, shared his thoughts on the issuance of Helium Mobile NFTs. According to Gala, a crypto tracking site shows approximately 8,000 buyers of Helium Mobile’s NFT, a figure believed to represent an accurate customer count.
Another figure, totaling around 34,000, suggests the number of people who have downloaded the app and chosen mapping but may not yet have subscribed to a mobile phone plan. Gala also emphasized that a significant portion of Helium Mobile customers had signed up during the period when $20 monthly services were available in Miami, before the launch of the nationwide $5 monthly services.
