Honey surges 43% driven by Hivemapper network expansion

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As a seasoned crypto investor with a keen interest in decentralized projects, I’m thrilled to see HONEY, the native token of Hivemapper, experiencing a substantial surge in value amidst a broader market downturn. With a 43% increase in just 24 hours and a trading volume over 16x higher than usual, this project is certainly worth keeping an eye on.

As a cryptocurrency analyst, I’ve observed an intriguing development with HIVE, the native token of the Solana-based decentralized mapping project Hivemapper. Despite a general downturn in the crypto market, HIVE has experienced a significant surge, exceeding 40% growth.

At present, HONEY experienced a significant surge of 43% within the past 24 hours and is currently priced at $0.08141. The crypto asset’s daily trading volume exceeded $7.2 million, representing a substantial increase of over 16 times its previous level.

Honey surges 43% driven by Hivemapper network expansion

I’ve observed a significant increase in the market capitalization of HONEY tokens, which now hovers around $161.9 million – marking a 56% surge. However, it is essential to note that this growth represents only a fraction of its all-time high value, reached on December 7, 2022, at $0.4315. Regrettably, HONEY tokens are still 81% below their peak price.

As an analyst, I’d describe it this way: I’m working with a decentralized mapping network that boasts a circulating supply of approximately 1.9 billion HONEY tokens. The total token count for this network exceeds 6.3 billion tokens.

Hivemapper stands out as a major contender in the Decentralized Public Infrastructure (DePIN) field, with ambitions to exceed the user base of Google Maps, currently used by over a billion people each month.

I, as an analyst, would describe Hivemapper’s methodology by saying that I personally collect mapping data through individuals who install Hivemapper dashcams in their vehicles. As they journey on the roads, these contributors map out the areas and are remunerated with HIVE tokens issued by Hivemapper. The token compensation fluctuates depending on the market demand for mapping specific roadways.

As a data analyst, I’d express it this way: I personally gain HONEY token rewards not just for using this system as a driver, but also for validating mapping data contributed by volunteers.

Based on a June report from Franklin Templeton, a leading asset manager, Hivemapper is an emerging player of note in the Depth Perception and Intelligence (DePIN) industry. However, the company encounters hurdles due to insufficient demand for its offerings at present.

As a crypto investor, I’ve noticed an impressive rise in the value of HONEY tokens lately. This uptrend can be attributed to the expansion of Hivemapper’s network, which has successfully mapped over 13.8 million unique kilometers.

I’ve analyzed data revealing that collectively, users have charted over a quarter of a billion kilometers, with the majority of this mapping taking place in the US, Canada, Europe, and East Asia.

Large countries including China and Russia, as well as the continent of Africa, present substantial mapping challenges for HiveMapper due to their incomplete coverage. As stated on their website, just over a quarter of the Earth’s surface, approximately 23%, has been mapped by them.

As a crypto investor in Hivemapper, I can tell you that we face a significant challenge in competing against well-established mapping services like Google Maps and Apple Maps. These applications come pre-installed on most smartphones, making it tough for us to carve out a meaningful market share.

As a data analyst, I’ve observed that while web2 companies like Google Maps don’t typically offer monetary compensation for the contributions of their volunteers, they do provide alternative incentives in the form of non-monetary perks. These can include access to exclusive features or tools related to their products and services, recognition within the community, or opportunities for learning and growth.

Due to the growing demand from investors, the value of Hivemapper’s HONEY token has increased in worth.

The value of the token has significantly increased as investors look to capitalize on HONEY’s recent price decline. In June, the token plummeted by over 94%, causing some traders to seize the opportunity and purchase at a discount. They believe that HONEY, which is one of the strongest use cases for DeFi, will bounce back due to the predicted growth in this sector.

As a crypto investor, I’ve noticed that the value of my HONEY tokens has significantly grown. This surge in price can be attributed to two key factors. Firstly, the upgrade of Hivemapper’s website was rolled out, which generated excitement among the community and potentially increased demand for the token. Secondly, a major milestone was reached when HONEY was listed on Kraken Pro, a well-known cryptocurrency exchange. This listing opened up new opportunities for investors to buy and sell the token, thereby increasing its liquidity and potential investor base.

As a crypto investor, I’ve noticed an intriguing development in the token’s price action. It has been forming a chart pattern called a falling wedge. This is a technical configuration where the price forms a series of lower highs and lower lows, but with shrinking range between them. Historically, such patterns tend to result in a strong breakout once they reach their confluence zone – the area where the trendlines intersect. So, keeping an eye on this could potentially lead to some profitable opportunities.

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2024-07-04 11:56