Sweat Economy has announced that the minting cap will be raised from 5,000 steps to 10,000 steps, with Sweatcoin Premium subscribers having it raised all the way to 20,000. Moments before the announcement, $SWEAT had gone up almost 50%.
Since its release on June 28, the vote has garnered participation from 154,145 users. The proposal has passed with 70% of users voting in favor. However, the proposed changes have not yet been implemented as of the time of writing.
The true meaning of this vote
Sweat Economy's main motivation behind this change is to encourage its users to be more active, while increasing the minimum number of steps required to start earning SWEAT from 0 to 3,000, thus reducing token emissions by an estimated 30%. This creates a win-win scenario.
SWEAT makes major gains
SWEAT is 40.3% more valuable than it was 7 days ago and that is thanks to today's rally which peaked at $0.0088 outpacing BTC and ETH by over 10%. This raises the question of whether the recent vote played a role in this increase. The answer is: no.
SWEAT saw its peak at exactly 6:00PM, right at the same time as Sweat Economy announced the results on Twitter, the price later held for 11 minutes before it started trending downwards. The announcement had neither a positive nor a negative effect. The main trigger was an upwards momentum from Bitcoin beginning at 10:35 AM and ending at 6:06 PM. Following this rise, Bitcoin's price dropped, and SWEAT mirrored this pattern just five minutes later, as is common with many cryptocurrencies.
Some Discord users have started speculating about the reasons behind this rally, however many more will be eager to see the effects of the new minting cap when it gets implemented.
(1 SWEAT = 0.007776 USD)
