Helium [HNT] topped the list of altcoins that outperformed Bitcoin [BTC] on December 22, according to data from LunarCrush.
The cryptocurrency social analytics platform AltRank tracks the social and market activity of 4,051 coins and how they outperform the leading coin BTC.
HNT’s social volume was ranked 58 and recorded a social score of 64, making it the altcoin that outperformed BTC the most in terms of social and market activity out of all the 4,051 altcoins tracked.
Despite the increase in social activity, HNT has not seen a price increase in the last month. HNT’s value has dropped by 24% in the last 30 days, according to CoinMarketCap. In fact, HNT’s price has dropped by 11% in the last 24 hours, cementing its position as the cryptocurrency with the greatest drop in the last 24 hours.
With such volatile price action, an examination of HNT’s Open Interest revealed that the alt was primarily trailed by a bearish conviction.
According to Coinglass data, HNT’s Open Interest fell by 86% between September 29 and December 21. During this time, the alt’s price fell by 64%.
However, a recent shift in investor sentiment has pushed the alt’s Open Interest to its highest level since October 6.
Helium Foundation holds transition ask-me-anything sessions (AMA) with community members in preparation for its eventual migration to Solana in Q1 2023 to elaborate on its plans for when Helium deploys on Solana.
Helium Foundation confirmed four major upgrades that Helium users would benefit from in the coming year during the most recent AMA session.
It stated that, in preparation for the Solana migration, its core development team was constructing the complex infrastructure for staking multipliers, delegating to subDAOs, Helium chain state, and services to support its smart contracts.
In addition, a new governance token called Vote-escrowed HNT (veHNT) would be introduced to “power Helium governance.” “veHNT is not a token but rather represents voting power,” according to the Helium Foundation, and would be delegated to Helium subDAOs.
Users would have to stake their HNT tokens to gain voting power on Helium. The multiplier effect on voting power would be determined by the period of staking. “After the migration to Solana, anyone who stakes within the first 7 days will be given an additional 3X veHNT multiplier for their initial stake,” the Helium Foundation confirmed.
Finally, Helium Wallet users will be able to use it to migrate tokens and hotspots on the network.