HNT extends downside as Helium network migration date pushed back to

The Readiness Working Group, an organization formed by the Helium community recently released an update on the status of its migration to Solana. HNT crashed further following the news and here's why.

Timeline of Helium

Binance, the popular crypto exchange, decided to delist Helium (HNT). The crypto token HNT powers the Helium network, a decentralized blockchain for internet of things (IoT) devices.

Helium's HNT token plunges to a two-month low following Binance.US's delisting announcement and ahead of its migration to the Solana blockchain, raising concerns among investors.

Binance.US, the United States-based unit of the cryptocurrency exchange Binance, has decided to delist Helium (HNT) as well as JasmyCoin (JASMY) tokens from its platform. The aforementioned tokens won't be accessible on Binance.US, beginning 21 March.

The decentralized wireless communication network Helium published a post titled "Response to Binance.US" on March 14, indicating that Binance.US revealed plans to delist HNT/USD and HNT/USDT transactions on March 21, 2023, prior to the Solana migration. 

As Solana's [SOL] integration with Helium [HNT] inched closer, the hype around both protocols increased. However, the attention being garnered by this event may not be all positive, and here's why.

Over the past seven days, the crypto asset solana has increased more than 23% against the U.S. dollar after the announcement that the Helium Network plans to migrate to the Solana blockchain on March 27. Helium Network's native token, helium, has also risen, jumping 25% over the past week against the greenback.

Key Points: Helium has passed the significant idea of “migrating” to the Solana blockchain, with an exact date of March 27, 2023, after garnering sufficient community support. A blog post outlining Helium's (HNT) intentions to switch to the Solana network.

Solana Price: SOL started the week with a massive price surge. According to data from CoinMarketCap, the altcoin is now up by more than 10% in the past 24 hours and nearly 30% over the trailing seven-day period.

On Feb. 17, 2023, Helium Foundation announced that its network is migrating to the Solana (SOL) blockchain. The transition plans have been underway for a period, and the final part is set to happen on Mar. 27.

The Helium Network protocol has announced that it will migrate onto the Solana blockchain and deploy Oracles on March 27 to streamline scalability and reliability. On February 17, Helium's blog post announced that there would be a 24-hour transition period on March 27.