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On Wednesday, January 3, Coinbase, the foremost cryptocurrency exchange in the United States, made an announcement confirming the inclusion of the Hivemapper (HONEY) altcoin in its roadmap for potential listing consideration.
Asset added to the roadmap today: Hivemapper (HONEY)https://t.co/rRB9d3hSr2
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) January 3, 2024
HONEY, a relatively small altcoin with a market capitalization of $57 million, currently lacks a listing on any major cryptocurrency exchange. The move by Coinbase suggests an exploration of potential new additions to its trading platform.
HONEY Price Surge
The Hivemapper (HONEY) Price instantly shot up by 100% soon after the Coinbase news. At press time, HONEY is trading 50% up at $0.1901 with a market cap of $86.7 billion. The trading volume of Hivemapper has skyrocketed by a staggering 1000% in the last 24 hours.
Coinbase has added support for new assets on the Solana blockchain, including Hivemapper (HONEY). The decision aligns with Coinbase’s commitment to list assets that meet its standards for legal, compliance, and technical security.
The platform aims to support various networks and ecosystems to provide a diverse inventory of assets for users. Coinbase’s selection criteria prioritize adherence to supported token standards, like Solana SPL, Ethereum ERC20, and Avalanche ARC20. The company emphasizes its continuous efforts to expand its offerings while maintaining high standards for security and compliance.
About Decentralized Network Hivemapper
Launched in November 2022, the altcoin Hivemapper (HONEY) distinguishes itself as a decentralized global mapping network, introducing a novel incentive structure called the Drive-to-Earn model. Under this model, network participants earn rewards for capturing high-volume 4K street-level images using specialized devices.
The image collection process involves unique devices that combine a camera designed for street-level image capture with a Blockchain mining device, taking the form of 4K Dashcams. Users equipped with these cameras engage in mining activities and receive rewards in Hivemapper’s native cryptocurrency, HONEY.
At the heart of Hivemapper’s innovative approach is the Drive-to-Earn model, aligning with the broader trend of decentralized and incentivized networks. Participants actively contribute to the mapping ecosystem by collecting valuable 4K images through Dashcams, fostering a symbiotic relationship between users and the Hivemapper platform.
The potential listing of altcoin HONEY on Coinbase introduces an intriguing prospect for both the altcoin and its community. Known for its stringent listing process, Coinbase could bring increased credibility, trust, and visibility to HONEY in the cryptocurrency space. Such a move may address existing challenges faced by HONEY, attracting new investors and traders to the platform.
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