EverGrow crypto is a deflationary token created to gradually decrease its supply over time by implementing regular burning mechanisms. Let's talk about it here.
How Many Evergrow Crypto Coins Are Burned?
Holders of $EGC will receive an 8% reward from every Buy/Transfer/Sell Transaction in $BUSD, and EverGrow has already distributed $38 million $BUSD to its holders, the highest among all projects. Additionally, 2% of every Buy/Sell Transaction is allocated to a Buy-Back wallet, and another 2% is used to enhance liquidity. The EverGrow ecosystem includes LunaSky, an NFT Marketplace, Crator, a social media platform with crypto integration, and a metaverse partnership with The Abstract. All profits From these utilities are utilized for BuyBack&Burn, generating rewards and positive price action while continually reducing the token supply.
EverGrow Coin implements a monthly burn of 0.5% of its supply, and this burn is financed through a 2% transaction tax on EGC buy/sell orders, part of a total 14% tax. The 2% is allocated for strategic coin burns using smart contracts, resulting in an impressive 52.9% of the total supply being burnt so far.
What Happened To Evergrow Coin?
EGC saw heightened interest shortly after its launch, with a surge in token transfers observed on BscScan towards the end of October 2021, reaching a peak of over 70,000 transfers on November 1, 2021, coinciding with EGC's all-time high price of $0.000003379.
However, since then, both the number of token transfers and the price of EGC have declined significantly, with EGC losing about 91% of its value year-to-date as of December 30, 2022.
Moreover, EGC faced further challenges at the end of the third quarter in 2022, experiencing a 50% loss over the last 90 days as of October 19, 2022. The launch of EverGrow's new LUCRO token and NFT marketplace did not contribute significant antly to recover EGC's losses.
Summary
The original total supply was one quadrillion, but at launch, half of the tokens were burned, resulting in a remarkable 3,792% surge in the value of EverGrow crypto. Nevertheless, the value of the coin has since declined significantly.
