HONEY is up 43% in the last 24 hours and is currently trading at $0.08141. The crypto asset’s daily trading volume increased 16-fold to approximately $7.2 million. Additionally, the token’s market cap has jumped over 56% and is now at $161.9 million.

Despite this significant increase in the HONEY token, it is still 81% below its all-time high of $0.4315 reached on December 7, 2022.

The decentralized mapping network has 1.9 billion HONEY tokens in circulation and a total supply of 6.3 billion tokens.

Hivemapper is a leading player in the Decentralized Public Infrastructure (DePIN) space, aiming to surpass Google Maps with over one billion monthly active users.

Hivemapper’s approach involves collecting map data through participants installing Hivemapper cameras in their vehicles. These participants map roads while driving and earn Hivemapper’s HONEY tokens. Token rewards vary based on demand for mapping specific paths.

Not only drivers benefit from this system; People who verify mapping data sent by volunteers also receive payments with HONEY tokens. Hivemapper is a promising early player in the DePIN sector, although it faces challenges due to low demand for its services, according to a report published in June by asset management giant Franklin Templeton.

The value of HONEY tokens has increased significantly recently as Hivemapper’s network has mapped more than 13.8 million unique kilometers.

In total, users have mapped more than 262.55 million kilometers, primarily in the United States, Canada, Europe and East Asia.

However, large countries such as China and Russia and continents such as Africa are poorly mapped, posing a significant challenge for Hivemapper. According to their website, only 23% of the world has been mapped. The network competes with established services such as Google Maps and Apple Maps that are pre-installed on smartphones, making it difficult for Hivemapper to gain market share.

However, web2 services such as Google Maps generally do not pay volunteers; instead, they offer non-monetary bonuses and rewards related to their products and services.

As a result, Hivemapper’s HONEY token gained value as investors predicted more route capacity.

Additionally, the value of the token has skyrocketed as investors look to capitalize on the recent HONEY decline. In June, the token fell more than 94% from its peak, encouraging investors to buy on the dip. Investors believe HONEY is one of the strongest use cases for the DePIN industry, which is projected to expand.

Additionally, the price increase of the HONEY token was supported by the launch of an upgraded version of the Hivemapper website and the listing of the token on Kraken Pro, a major cryptocurrency exchange.

Technically, the token has also benefited by forming a bullish pattern known as a bull pennant, which often leads to a significant breakout when it reaches the confluence zone.