Crypto innovation has come a long way since the inception of Bitcoin. The tokenization of real-world assets (RWA) and activities are the epitome of crypto evolution and to this end, Sweatcoin developers are offering both crypto and non-crypto users the ability to earn by doing what already do daily – walking.
Read on to find out how Sweatcoin can make you rich just by walking.
What is Sweatcoin?
Sweatcoin is a blockchain technology company based in the United Kingdom that aims to improve the health and fitness of its users and offer them incentives in the process.
Sweatcoin was founded in 2015 but was released in 2022 after 7 years of thorough development and $20.2M in funding.
Developed by Anton Derlyatka, Sweatcoin generates revenue by partnering with insurance companies, and governments trading its crypto token, SWEAT. Sweatcoin currently boasts over 600 partnerships, including the National Health Service (NHS) in England.
As of December 2023, Sweatcoin has over 120 million users in over 60 countries worldwide, generating over 49 billion Sweatcoins. Sweatcoin appeals to many users because it is free, and requires no prior knowledge of crypto or blockchain to use.
Throughout its usage, Sweatcoin has reported users becoming 20% more active daily. This plays directly into the company’s goal of promoting a healthy, productive, and wealthy society through daily movement.
How Does Sweatcoin Work?
Sweatcoin rewards users daily with the SWEAT cryptocurrency for simply walking. Anton, who has 20 years of business experience and investor in fitness, wearables, and talent technology addresses the unmet need to rise above the shackles of unhealthy and sedentary lifestyles rampant in the 21st century.
Sweatcoin, which exists on Ethereum and Near blockchains, connects to your phone data and converts your steps into points called sweatcoins. The Sweatcoins can then be redeemed for rewards and donations or converted into SWEAT cryptocurrency.
The Sweatcoin app has a marketplace where you can convert your sweatcoins into any of thousands of listed products.
Sweatcoin uses a Sweatcoin Step Verification Algorithm that validates users who have walked from point A to point B. The algorithms filter out shakes and bumps as false steps, hence recognizing cheating.
You can get the Sweatcoin app on the Apple App Store or Google Play (for Android users)
SWEAT Staking
You can stake your earned SWEAT coin in your wallet and receive rewards through prize draws. The rewards range from gift cards from popular online stores to MacBook Airpods and concert tickets. You can also redeem your sweatcoins for game tickets and even accommodation at popular hotels around the world.
SWEAT Price Analysis
Sweatcoin has had a pretty bleak price history, going down from an all-time high of $0.09327 to an all-time low of $0.00571. This -94% dump over 275 days was further exacerbated by the fact that Sweatcoin was released in the middle of the 2022 bear market.
As the pangs of the bear market began to subside, investors went into accumulation mode over 283 days from March 2023.
On December 12, 2023, the SWEAT price broke above the accumulation zone with a large 34% spike candle Daily timeframe.
On October 19, 2023, the 50-day moving average crossed above the 200-day moving average, spotting a golden cross on the Daily chart.
Golden crosses are powerful indicators of an impending bull market and signal investors to fill their bags with the asset in question.
The price of SWEAT is $0.01282, which represents a -2.34% price decline in the last 24 hours and a 15.50% price increase in the past 7 days.
The 50-day and 200-day moving averages present strong support at $0.01059 and $0.0094 respectively. If SWEAT falls below this, it may find good support at $0.008055.
That said, the future for Sweatcoin seems bright, especially after the recent breakout. Investors should expect the price to move higher and test $0.01718. Above this, there are a few zones of resistance for this crypto. If SWEAT manages to conquer $0.0260 and $0.055, the asset may be well on its way back to its all-time high price.
Buy SWEAT
To cash in on the probable ROI that SWEAT is looking to offer, you can buy the asset on multiple centralized crypto exchanges. BingX is currently the most active CEX for trading SWEAT with over $94,000 in SWEAT trading volume over the past 24 hours. Apart from BingX, you can get SWEAT on OKX and Bitget
Final Thought
Sweatcoin is not the only move-to-earn project in the crypto space, but it is, by far, the most popular and the most well-connected. Over 600 partnerships with government institutions and top businesses place this project uniquely positioned to provide lucrative ROI to investors.