Sweatcoin is the fastest growing fitness project in the world with over 113 million users globally. It is a move-to-earn (MTE) platform that has a close resemblance to StepN, the well-known platform on Solana’s ecosystem. In September, Sweatcoin will launch its SWEAT cryptocurrency that is believed to be the biggest launches this year. So, in this SWEAT price prediction, we will assess whether the coin is a good buy.
What is Sweatcoin?
Sweatcoin is a leading application that is at the intersection of two leading industries: fitness and blockchain. The platform is a mobile application that can be installed in both Android and iOS smartphones.
Sweatcoin rewards users for making basic exercises like walking and running. It is an accurate platform because it uses the inbuit GPS that is in a person’s phone. Users are then rewarded using the SWEAT token, which exists in its ecosystem.
Sweatcoin has had a lot of success in the past few months. According to its website, it now has over 113 million users and is the number one fitness application in most countries, including the US and the UK. The company has raised millions of dollars from venture capital companies.
What is the SWEAT crypto?
Presently, SWEAT coins that users earn in the ecosystem have no value in the real world. As a result, the developers partnered with NEAR Protocol to launch a new cryptocurrency based on those tokens.
After months of developments, the SWEAT crypto coin will be launched on September 13th of this year. As a result, existing holders will be awarded fresh new tokens that they can sell in listing cryptocurrency exchanges. People can also decide to hold their tokens and generate returns through staking.
After the launch, the developers hope to expand the network in various ways. For example, in their second phase, they will launch SWEAT NFTs and a DAo.
SWEAT price prediction
At this point, it is not possible to conduct a SWEAT price prediction since the coin has not been launched yet. Still, we believe that the coin’s price will dip initially as existing holders cash out for fiat currency. If this happens, the sell-off could be brutal as supply will exceed demand.
In the long-term, however, the coin will likely bounce back because of its strong user adoption and brand knowledge. Therefore, for people without SWEAT coins, it would be wise to wait before you buy.