April 20, 2024
Altcoin News

Solana-Based Altcoin Rockets 22% in Hours Following Coinbase Announces Official Listing

It has been revealed the fact that a Solana-based altcoin managed to rocket 22% following the announcement made by Coinbase. Check out the latest reports about this below.

Solana-based altcoin rises 22% in hours

Coinbase, the top US crypto exchange platform, has announced its official listing of Hivemapper (HONEY), an altcoin based on Solana blockchain.

Hivemapper is a decentralized global mapping network that allows users to collect data by driving around with simple dashcams.

The data collected is then used to construct a global decentralized map, and the users who participated in gathering the data can earn monetary rewards for their efforts.

Hivemapper (HONEY) is now live on http://coinbase.com, as well as in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive, or store these assets.

On January 17th, Coinbase made an announcement that resulted in a surge of the virtual currency to a price of $0.337.

However, the asset has since decreased by 5% in the last 24 hours and is now trading for $0.30, although this is still a 22% increase from earlier today when it was trading for $0.240.

Earlier this year, Coinbase stated that it would be adding Hivemapper to its listing roadmap.

This is part of the crypto exchange’s efforts to increase transparency with traders and prevent the front-running of digital assets.

In other news, crypto analyst Benjamin Cowen has shared his latest insights on Bitcoin (BTC) as investors begin to anticipate a possible shift in the Federal Reserve’s monetary policies in the coming months.

According to Cowen, when the Fed begins to cut rates, which is expected to happen in March according to CME’s FedWatch Tool, risk assets such as Bitcoin may actually decrease in value.

Cowen shared his thoughts on this matter in a recent strategy session.

“As rate cuts arrive it’s typically not the most bullish thing for risk assets, not because rate cuts in and of themselves are not bullish, but because a rate cut in and of itself is theoretically bullish.