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This VC-Backed Blockchain Google Maps Competitor is Set to Soar 🚀

At only $100M Market Cap, This Gem Could Be "The One"

Author

Pep
June 19, 2024

✨ Pep’s Daily Pick: Hivemapper ✨

Hivemapper is a decentralized global mapping network that rewards contributors for collecting street-level imagery using dashcams. It leverages blockchain technology and a "Drive-to-Earn" model to incentivize users to contribute to creating a fresh, accurate, and dynamic map of the world.

What’s it Used For? Hivemapper aims to provide a more up-to-date and comprehensive alternative to traditional mapping services like Google Maps. The data collected by contributors is used to create detailed maps for:

  • Navigation: Accurate and up-to-date maps for navigation apps.

  • Real Estate: Assessing property values and analyzing land use potential.

  • Insurance: Underwriting and risk assessment.

  • Logistics: Optimizing routes and improving transportation efficiency.

  • City Planning: Analyzing traffic patterns and infrastructure development.

  • AI and Machine Learning: Training computer vision models and other AI applications.

Who’s Behind the Wheel? Hivemapper was founded by Ariel Seidman (Co-Founder & CEO) and Evan Moss (Co-Founder & CTO).

Backing It Up Hivemapper has received funding from various venture capital firms, including Multicoin Capital, Craft Ventures, and Solana Capital.

Cash in the Tank Hivemapper has raised over $18 million in funding, with a current market cap of around $105 million (as of June 18, 2024).

  • Token Name: HONEY 🍯

  • Circulating Supply: 1,804,551,536 HONEY

  • Total Supply: 6,320,502,281 HONEY

  • Market Cap Ranking: #381 (as of June 18, 2024)

Hivemapper’s Superpowers:

  • Decentralization: Leverages a global community of contributors for mapping, reducing reliance on centralized entities.

  • Incentivization: The "Drive-to-Earn" model rewards contributors with HONEY tokens, promoting participation and data collection.

  • Freshness: Continuous contributions ensure that maps are constantly updated with the latest information.

  • Cost-Effectiveness: Utilizes existing drivers and inexpensive hardware to reduce mapping costs.

Problem Solved: Hivemapper addresses the limitations of traditional mapping services, which often have outdated and incomplete data. By incentivizing a vast network of contributors, Hivemapper aims to create a more accurate, dynamic, and comprehensive map of the world.

Core Concepts:

  • Drive-to-Earn: Contributors earn HONEY tokens by driving and collecting street-level imagery.

  • Community-Driven: The network relies on a global community of drivers, AI trainers, and app users to build and maintain the map.

  • Blockchain Technology: Utilizes blockchain to ensure transparency, security, and immutability of data.

Use Cases: Hivemapper's data can be used for a wide range of applications, including navigation, real estate, insurance, logistics, city planning, and AI development.

Weaknesses:

  • Data Quality: Ensuring the accuracy and quality of data from a decentralized network can be a challenge.

  • Adoption: Requires widespread adoption by both contributors and users to achieve its full potential.

  • Competition: Faces competition from established mapping services like Google Maps.

Final Thoughts: Hivemapper presents a promising solution to the limitations of traditional mapping services. Its decentralized approach, incentivization model, and focus on freshness offer the potential for a more accurate and dynamic map of the world. However, the project's success will depend on its ability to address data quality concerns, achieve widespread adoption, and differentiate itself from competitors. Overall, Hivemapper is an innovative project with the potential to revolutionize the mapping industry. 🚗🗺️✨

and now we return to our regularly scheduled programming…

State of the Market

Bulls, Bears, and Bumps on the Road! 📉🐂🐻

Top Bitcoin traders are keeping their cool despite BTC dipping to $64,300 (check Chart of the Day🧐). They’ve got strong support from whales and miners, so their cautious optimism and continued accumulation bolster the case for $64,300 as a solid support level. This dip might just be a blip with a recovery on the horizon! 🌊🐳

But, let’s not pop the champagne just yet:

Potential Correction Alert: Bitcoin has slipped below a key support level, signaling a possible 8%-12% correction. We might see the price tumble to around $60,000, but maybe not just yet. The decline is partly due to traders closing their basis arbitrage trades, reducing futures market activity, and increasing downside pressure. ⚠️📉

Altcoin Sell-Off Impact: Bitcoin recently hit a one-month low thanks to a major altcoin sell-off, causing $455 million in crypto liquidations. Add to that some hefty ETF outflows, and you've got a recipe for market pressure and downturn. Ouch! 🪙💥

Stability Amid Chaos: On the bright side, Bitcoin’s realized volatility has dropped to 30% from its March high, suggesting increased market stability during this period of consolidation. This quieter trading environment hints that major price swings might be on hold for now. 🧘‍♂️🔇

Analysts' Take: Bitcoin’s price liquidity indicates potential upside, with BTC possibly taking back $65,000 support to grab liquidity before the next bullish phase kicks in. However, analysts are watching support levels like hawks, as market conditions and trading patterns hint at further corrections before the parabolic rise in this bull cycle. 👀📊

Chart of the Day. Why Are Top Bitcoin Traders Bullish Despite BTC Price Dip to $64.3K?

Despite BTC dipping to $64,300, Bitcoin derivatives traders are keeping a bullish stance 🐂. Spot ETF outflows might spook some, but the macro setup hints that the Fed could cut rates by year-end. So, the stage is set for a potential BTC price recovery, driven by cautious optimism from whales and miners 🐋⛏️, and a broader economic context that might just favor Bitcoin in the long run 🌟.

Most Important News of the Day.

-Tether’s Gold Move and Crypto Market Dynamics. 

Tether has launched aUSDT, an over-collateralized synthetic dollar backed by physical gold. This new product on Tether's Alloy platform merges dollar stability with gold-backed security via Ethereum smart contracts. It's like having your cake and eating it too – golden cake, that is! 🍰🪙

Bitcoin investment products experienced over $600 million in outflows, driven entirely by BTC's losses. The broader digital asset ecosystem saw significant net outflows, according to CoinShares. It's not just a rainy day – it's pouring in the crypto investment world. 🌧️💸

-Mining and Infrastructure:

US-listed Bitcoin miners have reached a record $22.8 billion market cap, driven by increased network hashrate share and diversification into AI data center ventures. Talk about mining more than just Bitcoin – they're digging into AI now! 🤖⛏️

Bitcoin miners have ramped up their offloading activities, reducing reserves by 30,000 BTC since October 2023 amid a prolonged capitulation period. It’s a miner’s fire sale out there! 🔥🛒

Industry experts suggest that the Bitcoin network’s hashrate may flatten or decline during the North American summer due to scorching heatwaves affecting mining operations. Looks like even Bitcoin miners can’t escape the summer heat! ☀️💧

CleanSpark has acquired five turnkey bitcoin mining facilities, in a $25.6 million deal. The combined operating hashrate of these facilities is anticipated to exceed 3.7 EH/s. CleanSpark is turning up the hash power! 🔋💪

-Regulatory Developments and Financial Products:

Hashdex has submitted a proposal for a new ETF that would include both spot Ethereum and Bitcoin. The proposal was posted by Nasdaq via Form 19b-4. Two heavyweights in one ETF? Count us in! 🥊📊

BBVA reports that Bitcoin’s price has outperformed the S&P 500 more than threefold in 2024, indicating that Bitcoin and Ether can significantly enhance portfolio performance. Crypto to the rescue for portfolio performance! 📈💼