After the much-anticipated launch of the Sweat Economy late last month, Sweat Crypto has continued to gain traction with users. This is despite faltering, which has seen it drop by more than 40 per cent in the past two weeks.
Is SWEAT a Good Investment
Since its launch, the Sweat Economy has come under pressure, which has seen it continue to lose in the markets. To many investors and Sweatcoin owners who expected the Sweat token to continue rising, the current bearish trend has been a disappointment.
However, many factors have resulted in the current bearish trend, most of which are beyond the platform’s control. For starters, the Sweat Economy launch came at a time when the entire cryptocurrency market was in a strong bearish trend.
As is always the case with any altcoin, the Sweat crypto quickly became significantly correlated with major market moves made by cryptocurrencies such as Bitcoin. Therefore, the bearish trend of the industry also impacted the price of Sweatcoin, dragging it down and contributing to the current bear market.
The other factor is due to the selloff from the more than 13.5 million holders of Sweatcoins who were airdropped more than 4.7 billion Sweat tokens during launch. As expected, when the supply of a cryptocurrency is that high, the result is always a low price level.
Unfortunately for Sweat Crypto, it also had to deal with millions of Sweatcoin holders, whose tokens had now been matched to Sweat crypto, who were looking to cash in and make money from the platform. The massive selloff has contributed to the current 40 per cent drop in prices in the past two weeks.
Now, with the selloff behind the project and the cryptocurrency industry continuing to stabilize, there is a high likelihood that we might see the Sweatcoin price starting to come to life again. Therefore, my Sweatcoin price prediction expects a price recovery, with a likely trade above the $0.05 price level in the next few trading sessions. A drop below the latest price low of $0.026 will invalidate my bullish analysis.