A Solana-based cryptocurrency has recently seen its price explode over 78% in a week after it was added to Coinbase’s listing roadmap, which was created to promote transparency and prevent insider trading on its listings.
According to the company’s roadmap Hivemapper ($HONEY) could soon be listed on the Nasdaq-listed cryptocurrency exchange. Coinbase’s announcement saw the price of the cryptocurrency surge 78.5% to now trade close to the $0.20 mark.
In 2022, Coinbase launched the roadmap to enhance transparency and prevent investors from exploiting new trading support announcements ahead of time.
Hivemapper is a geo-mapping tool that relies on contributors who gather mapping data with dashcams. The contributors receive rewards for their footage, which helps to build a distributed map. The firm notes it’s “building a decentralized global mapping network that rewards contributors for collecting high volume” quality street-level imagery.
Its contributors are set to include rideshare and delivery drivers, fleet owners, mapping hobbyists, truck drivers, and more. The Solana-based altcoin is also partly seeing the success of the SOL network contribute to its growth.
Solana’s price has been recovering from the collapse of cryptocurrency exchange FTX, whose founder Sam Bankman-Fried was a staunch supporter of, leading the token and its ecosystem to be affected by association. Bankman-Fried was recently found guilty on counts of wire fraud and money laundering.
Solana’s ecosystem has been seeing growing adoption, with its Saga smartphone, which once faced sluggish sales, selling out recently over a lucrative 30 million BONK token airdrop for each new owner of the phone.
Analysts believe SOL’s price may keep on rising, however, with a popular cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000, predicting a major surge for it in the near future.
Featured image via Unsplash.