Helium: Binance’s Incorrect Payouts Meant This for HNT’s Performance

Helium: Binance’s Incorrect Payouts Meant This for HNT’s Performance

September 18, 2022 0 By Gabriel Rollins

The leading cryptocurrency exchange, Binance, made a massive error as of September 16, which materialized to be lucrative for some investors. New reports show the trading platform erroneously paid approximately 4.8 million HNT coins to some platform users.

Most users capitalized on the situation, selling their tokens at a profit. The reports added that the mistaken pay emerged from an accounting bug within the exchange.

Remember, Helium has two coins. They are the HNT coin – which the platform spends for hot-spot hosts. Then, a MOBILE token – is payable to the platform’s 5G infrastructure worker. Though closely linked, the coins are distinct.

Binance mistakenly counted the tokens as one (HNT) on September 16. The error saw users that deposited MOBILE to the exchange receiving a matching amount for HNT – the move valuable one. Meanwhile, the mistake saw Binance sending 4.8 million HNT coins worth around $19 million to users.

HNT Reaction?

HNT changed hands at $4.24 during this publication (Coinmarketcap data). The alternative token hovered at the $3.94 lows during the September 16 trading session.

HNT hasn’t logged much upside or downside since the erroneous payment news emerged. The alt gained only 1% within the past day. Moreover, HNT’s trading volume declined by 12% in that timeframe.

Santiment’s data shows that the HNT price plummeted by more than 135% over the past three months. Meanwhile, the token recorded its highest 24hr trading volume on September 7 during the 90-day timeframe.

That was when the price noted momentary relief. Nevertheless, the token’s trading volume and price resorted to continued slides.

It’s Business as Usual

HNT traversed its 9-month-long dip, losing 92% since its ATH. Meanwhile, some holders had something to enjoy as they capitalized on Binance’s mistaken payouts and sold for profit. Moreover, the token’s RSI (Relative Strength Index) and the MFI (Money Flow Index) remained flat on a 24hr chart.

Nevertheless, these indicators swayed in regions that suggested selling pressure rallies. While writing these lines, the MFI and RSI were 58 and 39, respectively.

Meanwhile, assessing the token’s MACD confirmed an upside intersection between the trend lien and the Moving Average Convergence Divergence on September 8. Bulls could also be trying comebacks as the price noted green histograms since then.

Editorial credit: FellowNeko / shutterstock.com