A widely followed crypto strategist says he’s accumulating an under-the-radar altcoin that has exploded by more than 850% in less than a week.
Pseudonymous analyst The Crypto Dog tells his 747,200 Twitter followers that he’s loading up on Sweat Economy (SWEAT), a new move-to-earn cryptocurrency.
According to Sweat Economy’s whitepaper, the crypto asset makes itself distinct from other move-to-earn tokens by gradually requiring more steps to mint each new SWEAT.
“To achieve our vision of making the world more physically active, SWEAT will be harder to mint with time. Not only does this incentivize users to get moving now – as their movement generates more SWEAT today than tomorrow – it preserves the utility of SWEAT as the model represents an ever increasing marginal cost of production.”
From a technical perspective, The Crypto Dog says SWEAT looks bullish now that it is trading above a key resistance area of $0.55. The crypto strategist also predicts that SWEAT could potentially record a fresh all-time high.
“Quick SWEAT update: we didn’t get the acceleration. But I don’t think we care. Sweat kept marching upwards outperforming almost all other coins. +20% on the day.
Is she gonna staircase to heaven? We’re just 25% away from all-time high. Reasonably we overshoot and run up and to the right.”
At time of writing, SWEAT is trading at $0.067, up nearly 26% on the day and over 857% from its price of $0.007 on September 13th. SWEAT printed its all-time high of $0.087 on September 14th.
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Featured Image: Shutterstock/tsuneomp/Vladimir Sazonov/Tun_Thanakorn
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