$HNT dropped more than 5% as selling pressure spread across the Helium ecosystem following Coinbase's delisting of the obsolete Helium Mobile token.
The price of Helium Mobile (MOBILE) fell to an intraday low of $0.00026 on June 27 before slightly recovering to $0.00027 at the time of publication. It remains about 87% lower than its peak of $0.0021 last December.
The decline in the token price today came shortly after the cryptocurrency exchange platform Coinbase announced that it had delisted Helium Mobile (MOBILE) along with other tokens, including Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN), on June 26. The stated reason was that new versions of these tokens had been launched, and the older tokens no longer met the exchange's listing standards.
For the uninitiated, the old Solana-based MOBILE token of Helium Mobile was officially discontinued in January of this year following the implementation of HIP 13, a proposal to simplify the Helium ecosystem by consolidating the MOBILE and IOT tokens back into a unified HNT token.
While most major exchanges auto-converted MOBILE to HNT earlier this year, Coinbase had delayed the transition, leading to confusion among users after the recent delisting announcement.
The native token of Helium, HNT, and its subnet token, IOT, also fell in today’s drop, each declining by more than 5%.
🔸 HNT price analysis
Although the confusion surrounding Coinbase's delisting is likely to be clarified soon, a look at derivatives data still suggests that demand for HNT was decreasing.
Open interest in the Helium Mobile futures market has decreased by 16% in the last 24 hours, which could translate into some short-term volatility, as the long-short ratio suggests that traders were leaning bearish.
Investors also seem to be increasing their HNT token transfers to centralized exchanges, a trend that typically signals growing selling pressure and a potential rise in short-term liquidations.
