Helium's HNT Drops 5% After Coinbase Delists Mobile Token

Helium's native token, HNT, experienced a significant drop of over 5% following the delisting of the deprecated Helium Mobile token by Coinbase. This move by the exchange led to a ripple effect of selling pressure across the Helium ecosystem. The price of Helium Mobile (MOBILE) plummeted to an intraday low of $0.00026 on June 27 before slightly recovering to $0.00027. This price remains approximately 87% lower than its peak in December of the previous year.

The delisting announcement by Coinbase on June 26 cited the release of new versions of the tokens, which no longer met the exchange's listing standards. This decision affected not only Helium Mobile but also other tokens such as Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN). The Helium Mobile token, originally based on Solana, was deprecated in January following the implementation of HIP 13. This proposal aimed to simplify the Helium ecosystem by consolidating MOBILE and IOT tokens back into a unified HNT token. Most major exchanges had already auto-converted MOBILE to HNT earlier this year, but Coinbase's delayed transition caused confusion among users.

In addition to the drop in HNT, its subnetwork token, IOT, also experienced a decline of over 5%. The confusion surrounding Coinbase's delisting is expected to be resolved soon. However, derivatives data suggests that demand for HNT was waning. Open interest in Helium Mobile’s futures market has decreased by 16% over the past 24 hours, indicating potential short-term volatility as traders lean towards a bearish outlook. Investors are also increasing their transfers of HNT tokens to centralized exchanges, a trend that typically signals growing sell-side pressure and potential short-term liquidations.

On the 1-day/USDT chart, HNT failed to maintain its local support level at $2.308, slipping below this threshold and indicating a lack of price stability. The token has entered a descending channel, a bearish continuation pattern that suggests sustained downward movement. The Supertrend line has flipped above the current price, signaling a shift to a sell trend. The RSI reading at 42 further points to diminished buying interest and rising downside risk. Given these signals, the HNT token is likely to continue its downward trajectory, with a potential drop toward the next key support at $0.00020, representing a drop of approximately 10% from the current price level at $2.18.

Despite the current bearish momentum, Helium recently hinted at a potential partnership with Brazilian football legend Neymar. Although details remain limited, such a collaboration could renew interest in the project and provide a counterweight to the current market sentiment.