What is a SWEAT token?
SWEAT is a crypto token that you mint while you make steps by carrying your phone in your pocket. The main goal of this token is to make people healthier and reward them for daily physical activity. Do you want to be one of them?
All you need to do is download the Sweatcoin app, which is a step counter that converts your steps into sweatcoins (the currency you can use to place bids in auctions, donate for good causes, and more) or the crypto token $SWEAT.
Pros and cons of SWEAT wallet
The sweat wallet was launched in September 2022. Everyone was expecting it to be the next-level crypto wallet with a lot of features that give you opportunities to earn on your step count.
The problem is that minting difficulty increases overtime, which means right after launching this app you could earn 1 $SWEAT for 1000 steps. But after 1.5 years, it's about 0.2 $SWEAT, while 1 sweatcoin is always 1000 steps.
But the good news, the developers have burned a lot of tokens since the very beginning of SWEAT token in the market.
And other good thing, SWEAT is built on NEAR blockchain, that means it supports high-speed low-cost transactions.
Six months later, SWEAT wallet released crypto game Hero, as you can see below on the screenshot. The concept of this game is similar to "Magic Tiles", nothing special, but a decent user experience. They promise the legs you have isn't just a picture, it's your future NFT, but I'm not sure it's gonna worth something.
Staking in SWEAT wallet. Worth it?
You can create "Growth Jar" right in this wallet app. They give you the ability to generate earnings by locking up your SWEAT for a period of time. When you grow your tokens, you are transferring it to a smart contract that locks it up for a specific period of time. During this time, you earn SWEAT at a rate defined by that jar. The real-time earnings your jars generate may be claimed as often as you like, at which point, they will be transferred to your balance.
You have several options of staking up to 12% yearly. I recommend do not hurry and wait for the best deal that sometimes appears 15-20% yearly.
Staking in SWEAT wallet gives you an opportunity to join a kind of giveaway where you pay as entry fee of tokens to have a small chance to win a something valuable like an iPhone, MacBook etc. But I find it pointless, they would improve this app, making people more healthy for rewards not for just making steps, but for working out or riding a bicycle for example.
$SWEAT in crypto market
After the launch of this token, the price significant dropped from $0.08 to $0.04, just because of high selling pressure. Soon it dropped right to $0.0042 and then slowly gained value and touched $0.018 as a top of resistance level between $0.016 - $0.018. And as expected it fell on a good support level $0.008. Now it depends on overall market behavior.
Only significant crypto market dip could impact on SWEAT price and move it even lower to the next support level $0.0063. Otherwise, we have an opportunity to climb to $0.016 again.
Should you invest in SWEAT?
It's a good opportunity to buy this token that cheap if you are willing to keep for the next couple of years. During the bull market I expect it touching $0.08 again as all-time high.
Asking on the question "Hidden gem or worthless shitcoin?" despite on its flaws like lack of utility, lack of "whales" interest. It has a transparent roadmap and growing cheerful community.
Before making any decisions, do your own research, watch for news and updates.
