YEREVAN (CoinChapter.com) – Solana-based Hivemapper HONEY coin traded at $0.2 on Jan 4, after a 53% pump in the previous 24 hours. As a result, the mapping altcoin’s market cap rose over 60% after an overall flat year.
Hivemapper (HONEY) Coin Booms
Notably, the trading volumes increased by 1,000% in a day. Combined with the rising price, they hinted at a buying spree among HONEY investors.
According to the latest news, a potential Coinbase listing was the initial cause for the sudden interest in HONEY. Notably, the largest US crypto exchange has NOT listed the coin yet. However, they added Hivemapper to the Roadmap, meaning the exchange will examine the coin further and make a final listing decision soon.
Despite its year-long existence, Hivemapper HONEY coin is not present on any major exchanges. Solana-based exchanges Orca and Raydium are responsible for over half of HONEY’s liquidity.
As the Hivemapper HONEY coin sparked interest among investors, let’s take a closer look at the altcoin, its purpose, and consensus.
Hivemapper Network and Its Main Purpose
Hivemapper (HONEY) is a decentralized global mapping network launched in November 2022. It rewards contributors for collecting high-volume 4K street-level imagery with dashcams through a Drive-to-Earn model.
These imagery acquisition devices are essentially 4K dashcams that also function as blockchain mining devices. Thus, users who operate these dashcams can mine and earn rewards through HONEY.
In other words, the Hivemapper Network strives to create and maintain a decentralized map with global coverage, offering higher-quality weekly updated data. This approach aims to level the playing field against larger conglomerates like Google Maps, providing “more up-to-date and cost-effective” mapping solutions.
Hivemapper uses HONEY tokens to create economic incentives within the Network, balancing the needs of map data contributors and enterprises/developers who consume the map data. The Network burns HONEY tokens whenever users consume data from Hivemapper. Then, the Network re-mints the net number of tokens burned and distributes them to contributors using a Net Emissions Model.
