Honey surges 43% driven by Hivemapper network expansion
HONEY, the native token of the Solana-based decentralized mapping challenge Hivemapper, has surged over 40% amid a broader droop in different cryptocurrencies.
HONEY was up 43% within the final 24 hours and is buying and selling at $0.08141 on the time of writing. The crypto asset’s day by day buying and selling was up over 16x, hovering round $7.2 million.
Furthermore, the token’s market cap had jumped over 56%, at the moment standing at $161.9 million. Regardless of the notable leap in HONEY tokens, it’s nonetheless down 81% from its all-time excessive of $0.4315, reached on Dec. 7, 2022.
The decentralized mapping community additionally has a circulating provide of 1.9 billion HONEY tokens with a complete provide of over 6.3 billion tokens.
Hivemapper is a number one participant within the Decentralized Public Infrastructure (DePIN) area, aiming to surpass Google Maps, which boasts over a billion month-to-month lively customers.
Hivemapper’s method includes gathering mapping information by contributors who set up Hivemapper dashcams of their autos. As these contributors drive, they map the roads and earn Hivemapper’s HONEY tokens. The token rewards differ primarily based on the demand for mapping specific roads.
Not solely do drivers profit from this technique; people who confirm the mapping information submitted by volunteers additionally obtain funds in HONEY tokens.
In response to a June report by asset-management big Franklin Templeton, Hivemapper is a promising early mover within the DePIN sector, although it faces challenges with lagging demand for its providers.
HONEY tokens have seen a current surge in worth as a result of progress of Hivemapper’s community, which has mapped over 13.8 million distinctive kilometers.
Customers have collectively mapped greater than 262.55 million kilometers, primarily in the USA, Canada, Europe, and East Asia.
Nevertheless, massive nations reminiscent of China and Russia, in addition to continents like Africa, are inadequately mapped, posing a big problem to HiveMapper. In response to their web site, solely 23% of the earth has been coated.
The community competes with established providers like Google Maps and Apple Maps, that are pre-installed on smartphones, making it tough for Hivemapper to realize market share.
Nevertheless, web2 providers reminiscent of Google Maps don’t typically compensate volunteers with financial pay; as an alternative, they supply nonmonetary bonuses and rewards associated to their services and products.
Consequently, Hivemapper’s HONEY token has appreciated in worth as traders anticipate extra route capability.
Moreover, the token’s worth has skyrocketed as merchants search to revenue from the current drop in HONEY. In June, the token fell by greater than 94% from its peak, prompting merchants to purchase the dip as a result of they imagine it is among the strongest use circumstances for DePIN, a sector that’s predicted to increase.
Moreover, the HONEY token’s value enhance was bolstered by the launch of an upgraded model of the Hivemapper web site and the token’s itemizing on Kraken Professional, a serious cryptocurrency trade.
Technically, the token additionally benefited from forming a bullish chart sample often called a falling wedge, usually resulting in a big breakout when it reaches its confluence zone.
