HONEY, the native token of the Solana-based decentralized mapping project Hivemapper, has surged over 40% amid a broader slump in other cryptocurrencies. The rise comes as the network expands and the token garners more interest.
HONEY was up 43% in the last 24 hours and is trading at $0.08141 at the time of writing. The crypto asset’s daily trading volume was up over 16x, hovering around $7.2 million.
Moreover, the token’s market cap had jumped over 56%, currently standing at $161.9 million. Despite the jump, HONEY is still down 81% from its all-time high of $0.4315, reached on Dec. 7, 2022.
The decentralized mapping network has a circulating supply of 1.9 billion HONEY tokens with a total supply of over 6.3 billion tokens.
Hivemapper is a leading player in the Decentralized Public Infrastructure (DePIN) space, aiming to surpass Google Maps, which boasts over a billion monthly active users.
Hivemapper’s approach involves collecting mapping data through contributors who install Hivemapper dashcams in their vehicles. As these contributors drive, they map the roads and earn HONEY tokens. The rewards vary based on the demand for mapping particular roads.
Individuals who verify the mapping data submitted by volunteers also receive payments in HONEY tokens.
According to a June report by Franklin Templeton, Hivemapper is a promising early mover in the DePIN sector, though it faces challenges with lagging demand for its services.
HONEY tokens have seen a recent surge in value due to the growth of Hivemapper’s network, which has mapped over 13.8 million unique kilometers.
Users have collectively mapped more than 262.55 million kilometers, primarily in the United States, Canada, Europe, and East Asia.
However, large nations such as China and Russia, as well as continents like Africa, are inadequately mapped. According to their website, only 23% of the earth has been covered.
The network competes with services like Google Maps and Apple Maps, pre-installed on smartphones, making it difficult for Hivemapper to gain market share.
Web2 services like Google Maps do not compensate volunteers monetarily, opting instead for nonmonetary bonuses related to their products and services.
Hivemapper’s HONEY token has appreciated as investors anticipate more route capacity.
In response to the June decline of over 94% from its peak, traders have bought the dip believing HONEY is a strong DePIN use case, a sector expected to grow.
The token’s price increase was bolstered by the launch of an upgraded Hivemapper website and its listing on Kraken Pro, a major cryptocurrency exchange.
Technically, the token also benefited from forming a bullish chart pattern known as a falling wedge, typically leading to a significant breakout when it reaches its confluence zone.
