Hivemapper's HONEY Token Surges Amid Cryptocurrency Slump

Thursday, July 4, 2024 8:51 AM
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Hivemapper's HONEY Token Surges Amid Cryptocurrency Slump cover

HONEY, Hivemapper’s native token, has seen a 43% surge, trading at $0.08141, amidst a general downturn in the cryptocurrency market. The token’s market cap has also increased by over 56%, reaching $161.9 million. Despite this, HONEY is still 81% below its all-time high of $0.4315 set on December 7, 2022. Hivemapper, a decentralized mapping platform, is attempting to rival Google Maps by utilizing a network of dashcam-equipped vehicles to collect mapping data. Contributors and data verifiers are rewarded with HONEY tokens, which has led to a mapped network covering over 262.55 million kilometers. The token’s recent appreciation is attributed to the growth of Hivemapper’s network and the listing of HONEY on Kraken Pro, a major cryptocurrency exchange.

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