Helium Network‘s HNT token has staged a remarkable market rally, propelled by the burgeoning adoption of Helium Mobile’s wireless phone service.

HNT’s valuation has escalated over 40% to $5 within a week, positioning it as the second-highest gainer among the top 100 cryptocurrencies by market cap, trailing only behind the meme token dogwifhat (WIF), according to data from Coingecko. In comparison, Bitcoin (BTC), the leading cryptocurrency by market capitalization, experienced a modest 7% rise, mirrored by the CoinDesk 20 (CD20) Index, which gauges the broader market.

The Helium Network operates as a decentralized blockchain platform for the Internet of Things (IoT), facilitating communication and data sharing through small devices known as hotspots. These hotspots function as wireless gateways, rewarding owners with HNT tokens for providing network coverage and verifying connectivity.

Helium Mobile leverages the Helium network by interfacing with these hotspots, allowing seamless data sharing, communication, and tracking without dependence on conventional centralized cellular or Wi-Fi networks.

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Early this month, the number of Helium Mobile subscribers—users employing mobile devices or sensors to communicate via the Helium Network—surpassed 100,000. This figure has expanded over 300-fold in the past year, according to Helium Mobile data.

On July 12, Helium Mobile published its roadmap progress report, unveiling a pilot program with major U.S. telecommunications companies to transfer data to the Helium Network. The report also introduced a licensing initiative to enhance compatibility with third-party hardware manufacturers and OpenRoaming support to widen data transfer options for hotspot owners, thus enabling connectivity for Helium users and subscribers of any service provider that supports OpenRoaming.

Tom Shaughnessy Jr., founder of Delphi Ventures, hailed Helium as a prime example of blockchain technology addressing real-world challenges. “Their 5G offers superior consumer pricing to retail by reselling home internet, providing a more cost-effective per mobile price compared to direct mobile plans with carriers,” Shaughnessy wrote on X. “A home internet service, costing $50-$100/month, can be resold to multiple users at a lower cost ($20/mo Helium plans), as opposed to each individual paying $50-$100 for their own mobile plan. Achieving 100,000 subscribers is phenomenal.”