Coinbase Delists Helium Mobile: HNT Price Falls Over 5%
Coinbase announced on June 26 that it would delist the deprecated Solana-based Helium Mobile token (MOBILE), leading to a sharp drop in related crypto assets. MOBILE fell to an intraday low of $0.00026 before recovering slightly to $0.00027, marking an 87% decline from its December 2024 peak. Following the delisting notice, Helium’s native token HNT and its subnetwork token IOT each slid over 5% amid increased selling pressure. Derivatives data from CoinGlass shows a 16% drop in open interest for MOBILE futures in 24 hours, indicating bearish sentiment. Transfers of HNT to centralized exchanges are rising, a signal of potential short-term liquidations. On the 1-day USDT chart, HNT broke its $2.308 support, entered a descending channel, and saw its Supertrend flip to a sell signal with an RSI at 42. The next key support lies near $2.00. Meanwhile, rumors of a Helium partnership with football star Neymar offer a possible catalyst to curb further declines.
Bearish
Coinbase’s removal of the deprecated MOBILE token has triggered a sell-off across the Helium ecosystem, mirroring past events where exchange delistings led to steep price drops (e.g., Uniswap’s UNIv3 legacy token removal). The 16% decline in open interest and increased HNT transfers to exchanges point to bearish sentiment and potential short-term liquidations. Technical indicators reinforce this outlook: HNT has broken key support at $2.308, entered a descending channel, and seen Supertrend flip to sell with an RSI below 50. While a potential Neymar partnership could offer upside, the immediate effect is negative, suggesting further downside risk in both MOBILE and HNT until market confidence returns.