- Sweatcoin’s token has badly lagged other altcoins like Ethereum and Solana.
- There are signs that the move-to-earn industry is losing traction.
- The developers plan to distribute millions of tokens to long-term holders.
Sweat Economy price has underperformed other coins as move-to-earn tokens underperform the market. The token was trading at $0.0094, which was about 15% above the lowest point this year. In all, SWEAT has dropped by about 5% this year while Bitcoin has soared by over 80%. Similarly, StepN’s GMT price has dropped by almost 50% from the highest point this year.
Is move-to-earn losing traction?
Move-to-earn was regarded as one of the most important industries in Web3. It is an industry that makes it possible for people to earn tokens for doing simple things like walking, running, and doing basic exercises.
It became extremely popular in 2022 as platforms like StepN and Sweatcoin gained traction among users. As a result, the number of users jumped to more than 130 million. Its apps were among the best-performing in the US and internationally.
Now, it seems like the platform is losing traction. Data by SensorTower shows that the app is not among the top 20 in the fitness industry in the United States. And according to SimilarWeb, it is now the 29th most popular app in the US. At its peak, it was one of the top-ranking apps in its category.
Another metric is that the number of Google searches has been in a downward trend. As shown below, the number of Sweatcoin searches has been falling sharply in the past few months.
The same trend is happening with StepN, one of the most popular move-to-earn platforms. On-chain metrics shows that the number of users has been in a strong downward trend.
The most recent Sweatcoin news is that the developers plan to change its governance model. A vote happened on Wednesday that gave the community the authority on how to deal with the 100 million SWEAT tokens accumulated as fees since the start of the year. Most of these fees will go to stakers while the rest will be burned.
Sweatcoin price prediction
The daily chart shows that the SWEAT price has been under intense pressure in the past few months. It is trading at $0.0093, which is a few points above the lowest point this year. The token is consolidating at the 25-period and 50-period moving averages.
SWEAT’s Average True Range (ATR) has crashed, signaling that there is limited volatility. The overall volume has dropped. Therefore, there is a likelihood that the token will remain in this range in the next few days and then retest the year-to-date low of $0.0083.
