SWEAT Crypto Price Skyrockets 30% Before The Crypto Crash
✍️ 26 September, 2022 - 11:24 👤 Editor: Jakub Motyka
- Move-to-earn token SWEAT from the Sweatcoin project pumped in the past day before retracing.
- Sweatcoin economy is a web3 platform that rewards a healthy lifestyle.
- The latest news about cryptos, in our Telegram channel.
The crypto native to the Sweat Economy, SWEAT, jumped 30% to $0.03737 on Sept. 26. The surge happened before a price correction with the latest crypto crash. At the time of writing, the move-to-earn token was trading for $0.03119, representing a gain of 2.75%.
Similarly, its daily trading volumes are up 51% at $19 million. The token peaked at $0.08659 on September 14 before a crypto crash stirred volatility in digital assets.
No specific event is tied to the Sweatcoin run-up. It emphasizes the strong uptake of the step-to-earn platforms. The coin started in 2016 and has expanded to more than 120 million users globally. Sweatcoin app, a popular mobile fitness app, powers the Sweatcoin economy.
Sweatcoin Economy – A Move To Earn Blockchain Initiative
The platform aims to promote fitness and a healthy lifestyle by rewarding users for walking. By taking outdoor steps, one can get an in-app non-crypto token, Sweatcoin. The digital asset is convertible to SWEAT. It takes 1000 steps to receive a single Sweatcoin.
Equally important, Sweatcoin token issuance difficulty increases over time. With time, users will need more steps to earn additional tokens . SWEAT is useful in claiming prizes and accessing other services on the Sweatcoin economy. The platform has a Sweat Wallet that supports token staking and NFT games.
Other services in the Sweat economy include fiat-on-ramp, a support for buying crypto using debit or credit cards. Moreover, the platform also features a crypto-crypto-exchange and an NFT marketplace. The blockchain M2E game recently launched on NEAR protocol.
SWEAT Economy Tokenomics
SWEAT has a token supply of 21 billion. Its developers, Sweat Foundation and Sweatco, have committed to burn 4.76 billion of their SWEAT token allocation. The step is a deflationary measure that will reduce the supply and increase its value.
SWEAT will fully vest by September 2026, according to the developer. Currently, the developer has airdropped 4.7 billion SWEAT to 13.5 million wallets. The team plans to use half their profits to purchase SWEAT from the secondary market and burn them. The company aims to share part of the proceeds as staking yield with users.
Furthermore, Sweatcoin is competing with STEPN, another step-to-earn game. The latter commands a user base of more than 4 million. SWEAT has remained hinged on the growth of Ethereum and BNB Chain.
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