$HNT is still 98% below ATH.

Does a 170% pump make a difference?
Celina, Texas became the first U.S. city to convert municipal Wi-Fi into carrier-grade @helium coverage.
But the token is still structurally broken
Here is why you should not FOMO :
👉 OVERPRICED FOR WHAT IT EARNS
Helium generates $3.06M in annualized DePIN revenue. 6th across all DePIN projects. Ahead of Render. Ahead of DoubleZero. Real carrier traffic from AT&T, T-Mobile, Telefonica. 2.5 million+ daily users. 42,000+ U.S. locations.
But the MC to 30-day annualized revenue ratio sits at 42.6x. IO is at 5.1x. GEODNET at 13x. Helium is priced for years of growth that has not happened yet. Celina is doing 100 GB per day. That is proof of concept and not proof of revenue.
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👉 FROM $5B TO $100M.
$HNT peaked above $5B market cap in 2021. Today it sits around $100 to $130M. A 97%+ collapse. Unlike thin-float launch anomalies. Helium sustained above $1B for over a year. Real money entered. Real money left.
SEC lawsuit dismissed. Good news. But legal clarity does not rebuild a $5B market cap. Usage does and usage is still early.
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👉 THIS WAS A SQUEEZE AND NOT A REVERSAL.
Price slipped 10x from $1.50 to $0.15 over 6 months. Then exploded to $0.99 in 48 hours. RSI hit 86.79. Highest daily momentum in 3 years. Volume up 1,000%+. Short liquidations hit $1.6M.
Weekend liquidity. Thin order books. Forced buying. Not organic accumulation. The $0.75 to $0.80 zone needs to flip to support for anything structural. A 2x from here just gets you back to where 2026 started. That is recovery and not growth.
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👉 141 MILLION HNT THAT NOBODY IS READING ABOUT
Max supply capped at 223M HNT. Current emissions at 7.5M per year under the halving schedule. Sounds clean.
But HIP-149 introduced a 141 million HNT supplement. That is 63% of max supply as an additional pool. Front-loaded. Tapering over 36 months. Near-term dilution is real.
Burns are supposed to offset this. Carriers burn HNT for Data Credits. But current daily burns are nowhere near the emission rate. One city at 100 GB per day does not create meaningful burn pressure. You need hundreds of cities and that takes years.
The model is sound but the timeline is the problem.
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👉 THE BOTTOM LINE
The thesis is real and the timing is great. But right now the price already moved.
Do not confuse a short squeeze for a breakout.
Watch Data Credit burns and city deployments.