Shorts push helium token higher
Helium's token HNT jumped as much as 167% over a weekend to an intra-day high of $0.989 after a Texas Wi‑Fi deployment report triggered forced buying. The rally was fueled largely by short-covering and liquidations, with nearly $1.5 million in short positions closed on Sunday and $248.26 million traded against a $154.8 million market value. Open interest rose 197.6% to $13.64 million and funding rates plunged into deeply negative territory, indicating heavily leveraged positioning; issuance continues toward a 223 million cap with about 37 million tokens still to mint.
HNT rose 167% mainly from a short squeeze.
Context
A report of a Texas Wi‑Fi deployment led traders to react quickly. Many shorts were liquidated and funding rates turned deeply negative. If funding and open interest ease, ordinary spot demand must hold the price.
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