HONEY, the native cryptocurrency of Hivemapper, a decentralized mapping project built on the Solana blockchain, has surged by over 40% amidst a broader downturn in the cryptocurrency market.
Over the past 24 hours, HONEY has risen by 43%, currently trading at $0.08141 at the time of this writing. Daily trading volume for the crypto asset has spiked dramatically, exceeding $7.2 million.
Moreover, the market capitalization of HONEY has jumped by more than 56%, now totaling $161.9 million. Despite this significant increase, HONEY remains 81% below its all-time high of $0.4315, achieved on December 7, 2022.
Hivemapper operates with a circulating supply of 1.9 billion HONEY tokens out of a total supply of over 6.3 billion tokens. The project aims to disrupt the Decentralized Public Infrastructure (DePIN) sector dominated by giants like Google Maps, which boasts more than a billion monthly active users.
Hivemapper’s innovative approach involves crowd-sourcing mapping data through dashcams installed by contributors in their vehicles. As these individuals drive, they contribute to mapping roads and earn HONEY tokens as rewards, which fluctuate based on the demand for mapping specific routes. Validators who verify the accuracy of the mapping data also receive payments in HONEY tokens.
Franklin Templeton, a leading asset management firm, highlighted in a June report that Hivemapper is a frontrunner in the DePIN space, despite challenges related to fluctuating demand for its services.
The recent surge in HONEY token value correlates with the expansion of Hivemapper’s network, which has mapped over 13.8 million kilometers of roads. Users have collectively mapped more than 262.55 million kilometers, focusing primarily on regions like the United States, Canada, Europe, and East Asia. However, the mapping coverage remains sparse in large countries such as China and Russia, as well as entire continents like Africa, posing a significant hurdle for Hivemapper to overcome. According to their data, only 23% of the Earth’s surface has been mapped thus far.
Despite competition from established platforms like Google Maps and Apple Maps, which come pre-installed on smartphones, Hivemapper distinguishes itself by compensating contributors monetarily with HONEY tokens. This approach has driven up the value of the HONEY token as investors anticipate further growth in route mapping demand.
Additionally, the recent price increase of the HONEY token was further bolstered by the rollout of an enhanced version of the Hivemapper website and its listing on Kraken Pro, a major cryptocurrency exchange. Technically, the token has benefited from a bullish chart pattern known as a falling wedge, typically signaling a breakout when it converges.
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