Sweatcoin Increases Minting Difficulty as Sweat Economy (SWEAT) Sinks 22%

One month in, the walk-for-crypto token struggles to take off.

Sweatcoin Sweat Economy shrinking difficult

Popular walk-for-crypto app Sweatcoin experienced another rough week as its native cryptocurrency dropped 22% in the last 7 days. The health & well-being app, which has gathered an impressive userbase of 120 million users worldwide, has shrunk 5 times since its launch. In an attempt to solve the issue, Sweat Economy has proposed a “significant inflation reduction” plan, which aims to tighten its grip on the project’s circulating supply.

Introducing the Sweat Mint Cap

Following the announcement, a ‘Sweat Minting Cap’ has been added to the popular app. At the time of writing, the base minting cap is set at 5,000 steps. Essentially, this means that only the first 5,000 steps a user makes per day will be converted into Sweat Economy (SWEAT), which launched on September 13th, 2022. The remainder of the steps will be converted into Sweatcoin’s native token Sweatcoin, which can be only used in-app.

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Ultimately, the measure increases the difficulty of minting Sweat Economy (SWEAT) twofold, as the free version of the step-counting app had previously let its users mint crypto by walking up to 10,000 steps per day. On the other hand, the premium plan increases the total Sweat Mint Cap by 1,000, which allows subscribed users to convert 6,000 steps into crypto per day, as opposed to the base 5,000.

Sweat Economy’s (SWEAT) Price Slips Further

The last two weeks have been nothing short of a smackdown for Sweatcoin’s newly launched cryptocurrency, as it declined by 35% in value. At press time, Sweat Economy (SWEAT) trades at $0.0215, according to CoinGecko, which represents an 8.3% drop for the last 24 hours, and an eye-watering 22.9% weekly dip.

On the Flipside

  • The premium Sweatcoin plan allows users to earn double the amount of Sweatcoin above the Sweat Mint Cap.
  • Aside from making donations & providing discounts on partnered products, the app’s non-crypto Sweatcoin offers little utility.
  • Sweatcoin risks its reputation waning due to the delays to the launch of the exchange feature.

Why You Should Care

Sweatcoin is currently the #1 health & well-being app in 66 countries, having attracted more than 120 million users worldwide.

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

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.