Eigenlayer (eigen) 
HONEY, the native token of the Solana-based decentralized mapping project Hivemapper, has surged over 40% amid a broader slump in other cryptocurrencies.
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 increased over 16 times, hovering around $7.2 million. Moreover, the token’s market cap jumped over 56%, currently standing at $161.9 million. Despite this increase, it 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’s Decentralized Approach
Hivemapper is a significant player in the Decentralized Public Infrastructure (DePIN) space, aiming to compete with Google Maps, which boasts over a billion monthly active users.
Hivemapper collects mapping data through contributors who install Hivemapper dashcams in their vehicles. As these contributors drive, they map the roads and earn HONEY tokens. The token rewards vary based on the demand for mapping specific roads.
Not only do drivers benefit from this system, but individuals who verify the mapping data submitted by volunteers also receive payments in HONEY tokens.
Market Dynamics and Challenges
According to a June report by asset-management giant 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, posing a significant challenge to Hivemapper. According to their website, only 23% of the earth has been covered.
Competitive Landscape
The network competes with established services like Google Maps and Apple Maps, which are pre-installed on smartphones, making it difficult for Hivemapper to gain market share. Web2 services like Google Maps do not often compensate volunteers with monetary pay; instead, they provide nonmonetary bonuses and rewards related to their products and services.
As a result, Hivemapper’s HONEY token has appreciated in value as investors anticipate more route capacity. Furthermore, the token’s value has skyrocketed as traders seek to profit from the recent drop in HONEY. In June, the token fell by more than 94% from its peak, prompting traders to buy the dip because they believe it is one of the strongest use cases for DePIN, a sector expected to expand.
Recent Developments
The HONEY token’s price increase was also bolstered by the launch of an upgraded version of the Hivemapper website and the token’s listing on Kraken Pro, a major cryptocurrency exchange.
Technically, the token benefited from forming a bullish chart pattern known as a falling wedge, typically leading to a significant breakout when it reaches its confluence zone.
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