When talking about crypto the usual names always spring to mind, but there are realities that have had a quiet beginning and are still around, such as DigiByte and Sweatcoin (SWEAT)
Crypto analysis of DigiByte and Sweatcoin (SWEAT)
DigiByte and Sweatcoin started the year reasonably well but market share in the crypto world was not achieved effortlessly.
The two companies went through various market turbulence until they were rewarded for reliability and consistency.
The world of cryptocurrencies, mistreated and ridiculed by classical finance in the early years, over time earned its due respect to the point of being feared.
However, the road traveled has not been without hiccups, amid bull runs and bear markets that cyclically follow each other, several financial catastrophes have undermined the rise of the asset.
2022 was certainly a bad year for digital currencies, which saw among the major tragedies the fall of Terra/Luna, the bankruptcy of Three Arrows Capital, and most recently the mega scam perpetrated by former financial baby phenomenon Sam Bankman-Fried.
The FTX case was certainly the flywheel that triggered the largest liquidity flight from the crypto world, insofar as what classical finance could not do was done by the lack of investor confidence.
The end of the year was marked by a rush to get the accounts in order and to show transparency and security, in particular among exchanges.
Of the entities that have survived this whole series of events and are able to say that they have managed to do well is certainly DigiByte (DGB), let’s see together how it is positioned in the market.
DigiByte is a digital currency that is based on blockchain and offers high standards of security, speed in transactions and continuous development by the company’s programmers.
The company is based on Proof of Work (PoW) and to obviate the centrality of mining uses as many as five different algorithms to mine.
DigiByte occupies a small but solid market share in the cryptocurrency world, something comparable in numbers to what Livepeer, Polymath or Locus Chain have managed to do.
Five years ago (which for this world is a geological era ago) there were other crypto assets with a noteworthy market capitalization, and among them certainly there was already DigiByte.
Next to DigiByte, however, there were also many other cryptocurrencies that have now disappeared from the radar, which says a lot about the fact that not all tokens survive over time but only viable and forward-looking projects.
As of today, the currency trades at €0.0086 and is coming off a week that brought a 3.35% increase in value.
The crypto is down 7% since yesterday and the currency is nowhere near the €0.17 all-time high the circulating amount is 15,955,373,266.64 DGB.
Sweatcoin was created by Oleg Fomenko and Anton Derlyatka in 2016 as a hub for growing users’ health metrics, a simple Peer to Earn health platform.
The platform was launched on the Ethereum blockchain, and each user/investor of the project in possession of the native Sweat Token could potentially achieve steady and progressive gains precisely because of the nature of the project.
The concept behind it was that the more one walked or ran, the more the algorithm rewarded the user through the allocation of spendable tokens in the virtual stores with which Sweatcoin had partnered.
Physical activity in good substance was subject to reward so those who believed in the project were incentivized to grow it both for financial return and from a health perspective.
For every 1,000 steps, Sweatcoin sends users 5 SWEAT (at least that’s the case for the basic version) to spend at affiliated stores; in the pro version of the project, earnings are double that amount.
Since last September, the company has made changes in the Sweatcoin microcosm and as of today it is also possible to convert SWEAT in the wallet into fiat currency and also other crypto assets.
The platform now gives the ability to trade, sell or buy directly in SWEAT in other stores as well.
In addition, it is possible to buy SWEAT directly from the exchange platform with your wallet in fiat currency in an unlimited way.
Sweatcoin, similar to Stepn, despite having time on their side, in the sense of having been the first to take advantage of Move to Earn, will need to upgrade.
To achieve mass adoption Sweatcoin will have to do a lot of work with its developers to modify the underlying technology so that it captures not only the movement of people walking but also those doing weights, crossfit, padel, soccer or basketball.
Another major obstacle to Sweatcoin’s success is the fact that users could only make purchases in the app which they later remedied by opening up to the web interior and the fact that it was mandatory to buy non-fungible tokens (NFT) trainers to reap the earnings.
Sweatcoin’s price is currently $0.011576593922 down 1.8% since yesterday but trending positive (+14%) since the beginning of the year.
On a daily basis, the token trades $691,964 with $3.7 billion in circulation against a maximum supply of 22,095,525,694.729.