- Sweat Economy price has jumped by more than 227% from its lowest point this year.
- It launched a partnership with CoolWallet, a hardware wallet, this week.
- A recent vote pledged to burn 1.88 billion SWEAT tokens.
Sweat Economy token price continued its spectacular rally on Wednesday as demand for the token continued. $SWEAT rose to a high of $0.014, its highest point since February 8th. At its peak, the token was up by over 227% from its lowest point this year, giving it a market cap of over $95 million.
Sweat and CoolWallet partnership
Sweat Economy is a leading token that powers the Sweatcoin ecosystem, which incentivizes people to walk, run, and do other fitness activities. Participants are rewarded using the token, which they can cash out from most exchanges or shop in its app.
Sweatcoin is a highly popular platform with over 140 million users globally. According to its website, there are now over 10.3 million Sweat Economy holders and the number is growing during this crypto bull run.
$SWEAT token has rallied for three main reasons. First, this rally is mostly because of the strong performance of cryptocurrencies like Bitcoin, Ethereum, and Solana. In most cases, altcoins do well when Bitcoin is rising.
Second, it rallied because of Sweat’s partnership with CoolWallet, a company that provides a hardware wallet for crypto users. Participants will enter a lucky draw to win a CoolWallet, while others will receive a 30% discount.
Third, the number of $SWEAT tokens that are being burned is increasing. According to the explorer, the number of tokens transferred to the wallet has risen to over 275 million. Over 1.88 billion of the tokens will be burned eventually. Burning is an important process that reduces the number of tokens in circulation.
Sweat Economy price forecast
The daily chart shows that the $SWEAT price has done quite well as it jumped from the year-to-date low of $0.0042 to a high of $0.014 on Wednesday. As it jumped, the token formed an ascending channel that is shown in red. This channel connects the highest and lowest swings since July.
SWEAT has remained above the 25-day and 50-day Exponential Moving Averages (EMA), which is a positive thing. Additionally, oscillators like the Relative Strength Index (RSI) and the MACD have pointed upwards.
It is also above the Ichimoku cloud indicator. Therefore, the outlook for the $SWEAT token is extremely bullish if it moves above the upper side of the channel. If this happens, the next point to watch will be at $0.017, the highest point on February 2nd. This price is about 41% above the current level.
