• Helium network has recorded higher DAU than Ethereum, Toncoin, and Arbitrum combined.

• HNT price gains bullish momentum fueled by organic network adoption.

• The DePIN ecosystem has gained significant traction with Helium among the top 10 projects.

The Helium (HNT) network has emerged as a top contender in the Decentralized Physical Infrastructure Networks (DePIN) in the recent past. According to aggregate market data from Coingecko, the DePIN market cap hovered around $19.2 billion on Tuesday, July 15, whilst Helium’s valuation was around $669 million, thus the 9th largest network.

The mainstream adoption of Helium protocol, which is often referred to as ‘The People’s Network’, has played a crucial role in its organic growth. Moreover, the Helium network provides an alternative approach to traditional cell towers and Wi-Fi with a network of user-owned Hotspots that provide wireless coverage in exchange for cryptocurrency rewards.

Helium Network Outshines Ethereum Among Others in DAU

The Helium Network has attracted more organic users over time due to its unique technology that is solving real-world problems. According to on-chain data analysis, the Helium network has over 1.16 million daily active users (DAU), which has grown by over 300k in the past seven days. 

The notable growth in Helium’s DAU is bolstered by its high number of total mobile hotspots, currently around 100k, up by over 2.4k in the past seven days. Additionally, the Helium network helps transfer 36.7 TB of data per day seamlessly, especially in the United States.

The Helium network has, therefore, outshone other top layer one (L1) and layer two (L2) chains in DAUs. According to on-chain data analysis from AIAdopt, the Helium network has surpassed the combined DAUs of Ethereum (ETH), Toncoin (TON), and Arbitrum (ARB). 

The Helium network has managed to scale seamlessly in the past year, especially after it transitioned from its chain to the Solana (SOL) ecosystem.

Midterm Expectations for HNT Price

The HNT price has gradually gained bullish momentum amid the ongoing crypto recovery led by Bitcoin’s rally to a new all-time high. The small-cap project, with a fully diluted valuation of about $669 million and a 24-hour average trading volume of about $14 million, has gained over 32% in the past two weeks to trade at about $2.96 at the time of this writing.

From a technical analysis standpoint, HNT price is on the cusp of a macro bullish breakout to aim for its ATH next. In the daily timeframe, HNT price is currently retesting its falling logarithmic trend established year-to-date. 

With the daily MACD line having crossed above the signal line and zero line amid bullish histograms, HNT price is well-primed for a rally towards $4.3 in the near term.