The price of Hivemapper, known as HONEY, is rising while other cryptocurrencies are falling. HONEY has been increasing for six consecutive days and is now trading at $0.087, the highest it has been since May 10th of this year. This marks a jump of over 50% from its lowest point in 2024, bringing its market cap to over $157 million, per CoinGecko data.
Why HONEY is surging
Hivemapper is one of the leading players in the Decentralized Public Infrastructure (DePIN). It works similarly to Google Maps but rewards users for sharing their routes. These users initially buy its dashcam and install it on their vehicles.
Hivemapper’s network is growing as the number of unique kilometers mapped has soared to over 13.8 million. Meanwhile, users have mapped over 262.14 million kilometers, mostly in the United States, Canada, Europe, and Australia.
Some large countries such as China and Russia and continents like Africa have been poorly mapped, presenting a significant challenge for Hivemapper. Data on their website shows that only 23% of the world has been covered.
The network also faces tough competition and integration challenges. It is competing with Google Maps, which is already widely used. Google Maps and Apple Maps are pre-installed on smartphones, making it hard for Hivemapper to compete.
As a result, Hivemapper’s HONEY token has risen in value as investors are excited about the increased route capacity. Earlier this year, the platform had only mapped less than 10% of the world. In a previous Bankless Times report, Hivemapper had mapped 104 kilometers.
Furthermore, the token has experienced a surge in value as investors sought to capitalize on the plummet. In June, the token was down by over 94% from its highest point, leading traders to buy the dip as they believe it is one of the best use cases of DePIN, an industry expected to keep growing.
Finally, the HONEY token price increased after the developers launched an upgraded version of the website, followed by being added to Kraken Pro, one of the industry’s leading exchanges.
Hivemapper price forecast
Technically, the HONEY token also jumped because it formed a unique bullish chart pattern known as a falling wedge. When it reaches its confluence zone, this pattern usually leads to a major bullish breakout.
The Hivemapper token has now risen above the 50-day Exponential Moving Average (EMA), while the Relative Strength Index (RSI) is nearing the overbought point.
Therefore, while more gains are possible, we can predict that the Hivemapper price will pull back as the Kraken listing enthusiasm fades. If this happens, the token will drop to $0.058, the upper side of the wedge pattern.
