---
title: What's Driving Token Prices? June 3, 2026
description: This week on What’s Driving Token Prices, Katie Talati examines the sunsetting of the Radiant DAO, Sui’s network outages, Helium Mobile’s sale to Noble Mobile, and Ethena’s new partnership with Coinbase.
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---

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# What's Driving Token Prices? June 3, 2026

[![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati)

 Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati)

 Jun 3, 2026

**Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.**

- **SUI (-17%)** - Layer-1 network Sui suffered three major outages over the past week. The outages caused a blockchain halt, effectively pausing on-chain activity. The root cause was identified as part of its latest software release, which included a few “edge case” bugs that caused the blockchain to stop. Blockchain halts can be particularly chaotic, not only as it stops any activity on-chain, but also because of the potential impact on financial applications. Since Sui experienced multiple hours of downtime, any financial applications could see price changes in underlying assets, causing liquidations of loans or other leveraged positions. Thankfully, it does not appear that the outage led to any widespread losses.
- **HNT (-17%)** - Yesterday, decentralized wireless network Helium announced the sale of its Helium Mobile division to Noble Mobile. Noble Mobile, which is owned and operated by former presidential candidate Andrew Yang, acquired the mobile carrier on undisclosed terms. Noble will continue to offer Helium Mobile subscribers the same coverage through the Helium Network and T-Mobile. In addition, Helium Mobile will still rely on the Helium Network for connectivity. Nova Labs, the entity that maintains and develops the Helium Network, affirmed that the sale will allow them to focus on growing the overall network and grow into more regions. Most recently, the team announced an expansion to Brazil through the Mambo Network. Helium Mobile has just under 700,000 subscribers, but the Helium Network supports over 2.6M daily active users.
- **RDNT (-15%)** - Money market protocol Radiant announced this week it would sunset its DAO. Back in 2023, Radiant had $773M in TVL, but after suffering two exploits in 2024, the protocol’s activity declined, now capturing under $2M in TVL. In a blog post, the team detailed how it plans to wind down DAO operations and cease active development of the protocol. While the protocol will remain available, the front-end will be shut off, new borrowing activity disabled, and RDNT token emissions discontinued. The DAO will remain, but only in case stolen funds are somehow returned to the protocol. Radiant joins more than 40 DeFi protocols that have shuttered in 2026 alone. The increasing number of security hacks has been a primary cause for this trend, along with consolidation and a lack of product-market fit.
- **ENA (+15%)** - Decentralized stablecoin issuer Ethena announced yesterday that it partnered with crypto exchange Coinbase to launch an on-chain savings product through Coinbase’s interface. As part of the deal, Coinbase Ventures also purchased Ethena’s ENA token on the open market. Details around the upcoming product launch were not disclosed, but the partnership could provide Ethena with distribution to Coinbase’s 100M user base. Ethena currently has $5.4B in AUM; the hope is that the new Coinbase venture could further expand that.

 *DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances.* 

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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

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