On Friday, news that Binance, the world’s largest cryptocurrency exchange, plans to delist Helium’s native HNT token caused a drop in value of over 23%. According to CoinGecko, HNT traded as low as $1.52 at one point on Friday, with the value falling by 17% over the past 24 hours to reach $1.60. In addition to Binance, Binance.US, a sister company catering to American customers, also announced earlier this week that it will delist HNT.

The governing body behind the Helium network called the delisting “unfortunate” and suggested that token holders consider moving to the self-custodial Helium Wallet app or an exchange with confirmed migration support. This announcement comes just one month before the scheduled merger of the Helium blockchain with Solana, which has now been delayed until April 18th. Helium Foundation, the non-profit behind the network, stated that the merger with Solana will help data transfer for IoT devices become faster, more reliable, and more scalable.

Helium is a decentralized wireless network originally designed for IoT devices such as sensors and trackers. The network enables users to share connectivity with others using their smartphones with greater privacy than a traditional WiFi network, and to earn HNT in the process. Despite receiving significant investment from big names such as Andreessen Horowitz (a16z), the native token’s trading value has experienced a significant decline from its high of $54.88 in November 2021. In addition, scooter rideshare startup Lime and cloud software giant Salesforce both denied active partnerships with Helium last year, despite their logos appearing on its website at the time.