Helium top gainer of the week, cat-themed tokens lead meme coin gains

Helium, Solana’s flagship Decentralized Public Infrastructure Network, has outperformed the overall altcoin market over the past seven days, with cat-themed meme coin Simon’s Cat also leading the way with double-digit gains.

According to price data from Crypto.news, Helium (HNT) has jumped 27.6% from its low of $6.66 on August 30 to its daily high of $8.55 on September 6. This level has not been seen since March 12, 2024. Helium is up more than 17.3% in the last seven days, making HNT the biggest gainer among the top 100 cryptocurrencies by market cap.

Meanwhile, the total crypto market valuation fell by 3.5% in the last 24 hours to settle at $2.05 trillion, with Bitcoin down 2.2% and Ether down 2.3%.

Helium’s weekly upward momentum coincides with continued growth in its mobile subscriber base.
By connecting to global hotspots to share and communicate data without relying on traditional cellular or WiFi networks, Helium Mobile’s subscriber base surpassed 100,000 in early August and reached 112,867 as of September 6. This represents a 300-fold increase in just one year, according to Helium Mobile data.

Helium Mobile subscribers | Source: Helium Mobile

HNT also gained traction after two major US telecom companies began testing its network as part of a carrier offloading program in which carriers redirect traffic to Helium’s network during periods of congestion. Those tests reportedly attracted around 790,000 users and transferred more than 20.47 terabytes of data.

At the same time, Helium’s trading volume has been on the rise, averaging over $25 million per day, despite Binance removing HNT futures from the exchange earlier this year.

HNT’s price rally has been fueled by a 254% increase in total open interest over the past seven days, reflecting increased trader participation. Coinglass data shows that open interest in the futures market rose to $10.87 million on September 6, the highest level since December 25, 2022. This is particularly notable given that Binance delisted HNT’s futures earlier this year.

HNT price, MA Cross and RSI – September 6 | Source: crypto.news

Technically, HNT is exhibiting strong bullish momentum, with the formation of a golden cross where the 50-day and 200-day Moving Averages intersect is acting as a key bullish indicator. Combined with the mid-range Relative Strength Index around 63, market conditions appear to be nearing overbought levels, but suggest there is room for further gains.

The recent price rally has seen Helium break above the critical resistance at $7.98, signaling continued pullbacks. As previously noted by crypto.news, the $7.98 level is significant because it marks the August swing high and the upper boundary of an emerging double top formation.

Helium buyers are likely to target the $8.50 level next, which could pave the way for a move towards the $10.50 channel target.

You may also like:

Cat-themed token sees double-digit gains

Amid the weekly surge in HNT, cat-themed meme coins have also seen a green period, with the broader meme coin market down 2.9% to $38.6 billion at press time.

Simon’s Cat (CAT), a meme token themed after the popular animated series, surged by 18.47% last week and was launched on August 23. Positive community sentiment is evident on platforms like CoinGecko and CoinMarketCap.

In a strategic move, 20% of CAT’s total supply was airdropped to the Floki community in an effort to attract more investors to the BNB ecosystem. However, this airdrop led to a temporary drop in CAT’s price. Despite this, Binance, a major cryptocurrency exchange, backed the initiative. The token is traded on several well-known exchanges, including BingX, Gate.io, KuCoin, and MEXC.

Despite the recent price drop, market analysts are optimistic about CAT’s growth potential. Analyst IBCIG highlighted that Simon’s Cat coin is undervalued, especially on Binance Smart Chain (BSC), and noted its resilience in difficult market conditions. They expect a strong recovery, especially with potential strategic moves by Binance CEO Changpeng Zhao.

Additionally, analyst Ted is encouraged by CAT’s rise above $0.000028, seeing it as a sign of a potential uptrend. He believes that sustained interest could push the token toward a billion-dollar market cap.