Sweatcoin price prediction: What is Sweatcoin?
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Sweatcoin (SWEAT) was an eagerly anticipated cryptocurrency from the Sweatcoin app. We’ll take a look at what SWEAT is, and examine some of the sweatcoin price predictions were being made as of 23 March 2023, too.
Sweatcoin explained
Over the past 10 years or so, there have been two technological developments that have become massive. The first is blockchain technology and, by extension, cryptocurrency. The second is fitness apps. The idea of using your mobile phone (or other smart device, such as a smart watch) to track how much exercise you are doing has caught on in a big way across the world.
With the popularity of fitness trackers and crypto, it was perhaps inevitable that the two would cross over. One of the very first fitness cryptocurrencies was the Triffic app, which was launched in 2017 and allowed people to gain crypto rewards by walking, not unlike a blockchain-based Pokemon Go.
In 2022, Step App (FITFI), which combined exercise with collecting NFTs (non-fungible tokens), became popular and, as a result, there are other platforms that allow users to get fit and earn crypto. One is the Sweatcoin app.
Sweatcoin has been around since 2015, and rewards people with points whenever they exercise, with those rewards being able to be exchanged for a variety of goods and services. However, it is only recently that Sweatcoin has taken its first steps into the world of cryptocurrency.
In April 2022, it was announced that Sweatcoin would have its own cryptocurrency, named sweat economy but better known as sweatcoin, and also by its ticker handle, SWEAT.
Users who had the original Sweatcoin rewards would be able to get one SWEAT per reward token. People would be able to generate SWEAT for every 10,000 steps they took, although, in the future, that number would go up.
The sweatcoin crypto will use people called movement validators, who will confirm that people are taking the required number of steps in order to issue the crypto. The token will be used to collect revenue from NFT sellers, as well as being used to buy NFTs and to take out a subscription to Sweatcoin’s premium services.
It will also be used to collect advertising fees, and movement validators will have to stake SWEAT in order to take up their positions. The SWEAT crypto will have its own crypto wallet, called the SWEAT wallet. SWEAT will also be able to be bought, sold and traded on exchanges.
SWEAT is based on the Ethereum (ETH) and Near Protocol (NEAR) blockchains, which means that, technically speaking, sweatcoin is not really a coin but a token. Don’t worry though if you see a reference to a SWEAT coin price prediction – it is referring to the same thing.
Sweatcoin price history
Let’s take a brief look at what SWEAT has done since Sweat Economy came onto the open market on 13 September 2022. Keep in mind that past performance – such as it is, in this case – should never be taken as an indicator of future results. That said, knowing what the crypto has done in the past can be useful, because it gives us some context when it comes to either making or interpreting a sweatcoin price prediction.
The sweat economy token launched on 13 September 2022 at $0.05101. It rose to a high of $0.09257, before falling to close the day at $0.05629. The following day, it peaked at $0.09188. After that, though, the price fell and by 18 September it was hovering around the $0.05 mark. By 21 September 2022, it was worth around $0.0488. The decline continued over the next couple of months or so, with the collapse of the FTX (FTT) exchange hurting the market and sending SWEAT down to a low of $0.01194 on 14 November. After that, though, there was a recovery of sorts with it reaching a high of $0.01497 on 6 December. Following that, though, the price declined, with it closing the year at $0.01018.
January saw SWEAT make a recovery, helped by a bouyant market and the launch of a roadmap for the new Sweat Hero NFT game, and the sweatcoin value stood at $0.01525 at the end of the month. Early February saw it peak at $0.01701 before it fell back down down to trade at around $$0.00893 on 23 March 2023.
At that stage, there were about 4.1 billion SWEAT in circulation out of a total supply of just over 22 billion. This gave the token a market cap of around $36.8m, making it the 472nd largest crypto by that metric.
Sweatcoin price prediction round-up
What might happen to the SWEAT token? – Photo: Shutterstock
Let us now take a look at some of the sweatcoin price predictions that were being made as of 23 March 2023. Price predictions, especially for something as potentially volatile as cryptocurrency, and even more so when it is for a token that has only launched relatively recently, can often be wrong, which makes it harder to judge sweatcoin’s potential value.
Long-term crypto price predictions are also often made using an algorithm, which means they can change at any given moment.
CoinCodex made a short-term sweatcoin price prediction for 2023 which suggested that the crypto could fall to $0.007548 by 28 March before continuing to drop to $0.004738 on 22 April. The site’s technical analysis was bearish, with 16 indicators making downbeat signals and just eight making bullish ones.
CoinArbitrageBot made a sweatcoin crypto price prediction that said the token could reach $0.0212 at some point this year, while by 2024, the site said that sweatcoin could be worth around $0.0423. It went on to argue for a sweatcoin price prediction for 2025 that suggested it could be worth $0.0742 that year before potentially trading at $0.1028 in 2028.
DigitalCoinPrice had a SWEAT crypto price prediction that claimed the token could be worth $0.0192 in 2023 and $0.0218 in 2024. By 2025, the site said that SWEAT could continue its growth, hitting $0.0307 before reaching $0.0393 in 2026 and $0.0457 in 2028. The site thought the token could close the decade at $0.0657, and it made a sweatcoin price prediction for 2030 of $0.0911, with the token possibly reaching $0.17 in 2032.
Finally, WalletInvestor had a SWEAT price prediction which said that the token could be in for a tough 12 months ahead, with it claiming the crypto could drop to $0.000788 by March 2024.
When considering a SWEAT token price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. When searching for a SWEAT price prediction, look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. Never, ever trade with money that you cannot afford to lose.
FAQs
Is sweatcoin legit?
It would be wrong to suggest that sweatcoin was a scam, but it does take quite a lot of effort – and sweat – to earn SWEAT. Whether the crypto is something you want to invest in is, ultimately, up to you.
Keep in mind that something does not have to be a scam in order for it not to succeed. At this early stage in SWEAT’s history, it makes sense to be careful: Do your own research, remember that prices can go down as well as up and, as usual, never invest more money than you can afford to lose.
Will sweatcoin ever be worth anything?
This is a difficult question to answer, especially at this relatively early stage of the crypto’s existence. We do not know, for instance, how the sweatcoin value will react to a range of market events, so saying whether it can go up or down is something we cannot do with any sense of certainty. It is also worth keeping in mind that price predictions often turn out to be wrong, and that prices will go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether SWEAT is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors.
Keep in mind that past performance is no guarantee of future returns, and never invest any money that you cannot afford to lose.
Is sweatcoin a good investment?
It is hard to say. We will have to see how the crypto behaves in the near future, and it is also worth seeing what happens to the crypto market in general over the coming weeks and months.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the sweatcoin token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors.
When looking for a SWEAT crypto price prediction, keep in mind that past performance is no guarantee of future returns, and never invest money that you cannot afford to lose.
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