Helium Price Surges 88% as Texas City Adopts Network

The price of Helium (HNT) has surged by 88% on August 29, to trade at $0.42, according to CoinMarketCap data.

This significant gain is attributed to the adoption of the Helium network by Celina city in Texas, which converted its WiFi networks into carrier coverage on the Helium network.

HNT's price increase has been driven by buy-side volumes as traders bet that the move boosts the long-term outlook for Helium token. The adoption is seen as a major milestone for the project, with Texas continuing to adopt crypto.

Data from CoinGlass shows that short liquidations are also supporting gains, with Helium's weighted funding rate dropping to -0.63%. This suggests that short sellers are willing to pay higher fees to keep their positions open.