Helium (HNT)
Pioneer decentralized wireless network with real Solana migration complete; MOBILE/IOT subDAOs growing but HNT value accrual thin
Ranked 62nd of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
HNT scores 122 of 250 across the 25-variable framework, which places it 62nd of 251 rated tokens and inside the top quartile of the set. The framework verdict is CAUTIOUS HOLD.
HNT is a top-10 name in the set on one variable. The score rests on Holder Concentration 5/10, 10th of 251, Buyback and Burn 5/10, 28th of 251, Competitive Moat 6/10, 29th of 251 and Team Execution 6/10, 30th of 251.
Against the same universe, HNT sits in the bottom third on P/S Multiple 2/10, 218th of 251. These are the variables that would have to move for the verdict to change.
87.1% of eventual supply is already circulating, so vesting is not a live risk for HNT. Price has to be justified by demand rather than absorbed against a cliff.
HNT trades 99.08% below its all-time high of $54.88. Recovering that level is a 108.7x move, not a 99.08% one, which is the arithmetic most drawdown charts hide.
The framework score gained 19 points against the previous pass (103 to 122). Revisions of this size follow a change in the underlying variables, not a change in price.
HNT is strong on Circulating / FDV Ratio. The market prices those variables only partly, so the score is neither fully reflected in the price nor fully ignored by it. Its weaknesses sit in P/S Multiple, none of which the market is currently punishing. A risk nobody is charging for is still a risk.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 5 | 32nd of 251 | |
| P/S Multiple | 2 | 218th of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 5 | 28th of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 4 | 65th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 5 | 52nd of 251 | |
| Competitive Moat | 6 | 29th of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 4 | 45th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Helium Mobile hitting 100K+ subscribers; carrier partnerships driving genuine data offload revenue to HNT burn
Principal risk
98.5% down from ATH; HNT value accrual requires Data Credits burn which is still tiny vs inflation; competition from 5G rollout
Market and supply
| Price | $0.5022 |
| Market cap | $97.6Mrank 296 |
| All-time high | $54.8812 Nov 2021 |
| Circulating supply | 194,242,092 |
| Eventual supply (max supply) | 223,000,000 |
| Dilution to full supply | 1.15x |
| Listed on | Bybit, Binance, Coinbase |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to HNT measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
HNT compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Sources
- [Helium Blog] Helium completed migration to Solana in 2023 and launched Helium Mobile as a crypto-native carrier in the US
- [Helium Mobile] Helium Mobile surpassed 50,000 subscribers by end of 2024 with plans to grow via T-Mobile network integration
- [Helium Network Explorer] HNT value accrual tied to Data Credit burn; burn rate still orders of magnitude below HNT mining emission rate
Common questions
- What is the Early Thunder score for Helium (HNT)?
- HNT scores 122 out of 250 on the 25-variable framework, ranking 62nd of 251 rated tokens (top quartile). The framework verdict is CAUTIOUS HOLD.
- What are HNT's strongest fundamentals?
- HNT ranks highest on Holder Concentration 5/10, 10th of 251, Buyback and Burn 5/10, 28th of 251, Competitive Moat 6/10, 29th of 251 and Team Execution 6/10, 30th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the HNT thesis?
- HNT scores in the bottom third of the universe on P/S Multiple 2/10, 218th of 251. The single risk carried on the scorecard is: 98.5% down from ATH; HNT value accrual requires Data Credits burn which is still tiny vs inflation; competition from 5G rollout
- How much HNT supply is still to enter circulation?
- 87.1% of eventual HNT supply is circulating today, leaving 1.15x the current float still to arrive. At a flat price per token that is 12.9% of fully diluted value ahead of current holders.
- How far is HNT from its all-time high?
- HNT trades 99.08% below its all-time high of $54.88. Returning to that high requires a 108.7x move from the level used in this scoring pass.
- Which tokens have a similar profile to HNT?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to HNT are ILV (101), AUDIO (101), AVAX (138) and UNI (167). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for HNT?
- Helium Mobile hitting 100K+ subscribers; carrier partnerships driving genuine data offload revenue to HNT burn
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.