- Sweatcoin is the biggest and fastest-growing fitness app globally.
- The developers will launch SWEAT cryptocurrency on Tuesday.
Cryptocurrency prices started the week on a positive note as investors prepared for a relatively busy week. Bitcoin price soared to over $22,000 while the total market cap of all cryptocurrencies soared to more than $1.1 trillion.
Ethereum merge will be the biggest event this week as the network transitions from a proof-of-work (PoW) to a proof-of-stake (PoS). The upgrade will set the stage for future upgrades such as sharding.
Another big event this week will be the launch of SWEAT, which will happen on Tuesday. So, let us look at what SWEAT is and whether the coin will be a good investment.
What is Sweatcoin?
Sweatcoin is one of the biggest technology company in the world. It is a product in at the intersection of the fitness and the blockchain industry.
Sweatcoin is a move-to-earn platform that lets people exercise and earn rewards. Users simply download and install an application on their phone and are then rewarded for doing simple exercises like walking and running. They are rewarded using SWEAT tokens, which are internal coins that remain in the ecosystem.
Sweatcoin has had a lot of success lately. It has grown to become the number 1 fitness application in most countries with over 110 million users. The developers have also raised millions of dollars from venture capital companies.
What is SWEAT token?
As mentioned above, Sweatcoin usually rewards its users with SWEAT coins. However, it is not possible for users to spend on these tokens. Therefore, their plan is to launch a cryptocurrency that holders can redeem for fiat currency. The coin is built on top of the Near Protocol’s technology.
SWEAT will be launched on Tuesday, in what is expected to be the biggest cryptocurrency launch after ApeCoin. At the Token Generation Event, the Sweat Foundation will match every sweatcoin in balances with an equal amount of SWEAT.
SWEAT holders can then decide to sell their tokens for fiat currencies. Alternatively, they can decide to hold it in their balances and earn staking rewards. In the future, Sweatcoin will also incorporate NFTs and DeFi in its ecosystem.
Will SWEAT be a good investment?
SWEAT has great fundamentals because of its real-world usage. However, we believe that the SWEAT price will have some volatility after launch as the number of sellers outweigh that of buyers.
In the long-term, however, the coin will likely bounce back as it gains in popularity. Therefore, I think buyers should first wait before they buy.
