Sweat Economy (SWEAT) Burns 18% of Supply On-Chain as $SWEAT Gets Listed

Sweatcoin, the most downloaded app in 66 countries, has even more reason to celebrate with the native token Sweat Economy (SWEAT) being accepted by several well-known crypto exchanges. First of all, Huobi announced the addition of Sweat Economy (SWEAT) on Thursday morning. Shortly after, SwissBorg and OKX also announced the inclusion of the new $SWEAT token.

Sweat Economy Is Ready to Set $SWEAT On Fire

Furthermore, the Sweat Foundation announced the burning mechanism for the new cryptocurrency. According to the blog post on Medium, Sweatcoin is going to use half of the profit made to repurchase and burn $SWEAT tokens. Consequently, the Sweat Economy (SWEAT) tokens will be removed from the total supply. On the other hand, this approach will help “balance mass adoption with sustainable economics.”

The Sweatcoin Foundation is planning to publish the files of each burning process. Moreover, the team behind Sweatcoin might buy the coin from secondary markets and distribute it for staking yield.

18% of $SWEAT Set Ablaze in Celebration of Launch

Finally, the Sweat Economy had a blitz start to its cryptocurrency, which launched on September 13th, 2022. Previously, the company had raised $13 million in the initial funding round. Later, on the day of the grand launch of Sweat Economy (SWEAT), the Sweat Foundation Treasury and the Sweatcoin company joined forces to burn 4.76 billion $SWEAT tokens.

At press time, the new cryptocurrency Sweat Economy (SWEAT) trades at $0.06682, dropping by 13.2% in the last 24 hours. The two-day old cryptocurrency reached its peak at $0.091, 21 hours ago, according to CoinGecko. Moreover, Sweat Economy (SWEAT) is just outside the TOP 200 at #211, right next to Bone ShibaSwap (BONE) at #212.

On the Flipside

  • Only 10% of the Sweatcoins collected will be instantly available.
  • The rest of Sweat Economy (SWEAT) unlocks throughout the year.
  • Despite a strong start, $SWEAT is experiencing a double-digit loss on the third day.

Why You Should Care

Sweatcoin app launched in 2016 and already has 110 registered users. The Most downloaded app in 66 countries, Sweatcoin has over 25 million active users around the globe.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a reporter, focusing on the latest tendencies of the crypto galaxy. He spends his time digging deeper into specific areas like meme coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.