Table of Contents
Cryptocurrencies are presently not in the best shape. A vast majority of coins and tokens have lost significant value, with many crypto companies going completely bust. Yet, that does not mean that there are not enough new projects that are generating traction due to their innovation, approach, community or technology.
One such altcoin is EverGrow Coin. While it might be difficult for new stablecoins to get attention after the TerraUST fiasco, this new stablecoin-reward token seems to be doing exceptionally well. How is that possible? Let’s dig deeper.
EverGrow Coin is a new stablecoin-reward token in the game. It was launched on 25th of September 2021 through Binance Smart Chain and meets the BEP-20 standards, but currently, the token is seeing a lot of new traction. EverGrow is supposedly the world’s leading stablecoin rewards crypto token, which has the main mission of looking at the passive income in the crypto industry differently.
EverGrow has a built-in token rewards system, that will allow the buyers of this token to earn a passive income through stablecoin of the Binance exchange, Binance USD (BUSD). Thanks to this, EverGrow was able to attract almost 140,000 investors and holders, while also distributing rewards worth more than 37 million dollars.
As the team has also described, one of their main goals is to make EverGrow Coin one of the biggest cryptocurrencies in the world, aiming as high as TOP 20 cryptos. Revolutionisation of passive income for the Web 3.0 movement should be one of the main tools as to how to achieve it. Yet, this cryptocurrency has many other projects and plans that it wants to fulfill. These are for instance, LunaSky, Crator, NFT lending platform, wallet, exchange or its own Metaverse.
LunaSky is a place where the users will be able to mint, buy and sell NFTs. It will also be connected with the NFT lending platform, which is another service that the project aims to deliver. The platform should be able to let people create their own NFTs from images, videos or other data. It is also expected to be released soon, as the project states that it is almost 90% ready.
EverGrow is also developing its own subscription platform, Crator, which should be the world’s first Content Subscription platform to integrate both crypto and fiat payment options. The users should be able to tip, purchase content or subscribe to their favourite content creators while being able to choose which payment option they desire. The content creators on the other side will then be able to choose how they want to receive their money, whether in fiat or crypto.
Just like almost any other serious cryptocurrency project, EverGrow is also developing its own crypto wallet. It should allow its users to buy, sell but also swap crypto and should contain multi reward tokenomics options. But first and foremost, the EverGrow team is making sure that the wallet is safe and secure, while being available for both Android as well as iOS.
The wallet, as well as other features and projects the team is working on, should be easily connected to the EverGrow Exchange, which is another service that the team wants to provide. The exchange will let the users easily buy, sell and swap different cryptocurrencies, but it will also allow rewards in native and non-native currencies to be paid to the holders.
Last but not least, EverGrow Meta will be a virtual world that will bring together the entire EverGrow Ecosystem. Browsing LunaSky NFTs in a fully immersive 3D gallery will be very simple and so will be meeting with friends or influencers from Crator just like playing VR games or shopping in virtual stores only using a crypto wallet. Thus, this metaverse will combine all the features of the EverGrow Coin into one place.
The team behind this project decided that they will honour one thing the most – transparency. Thus, most, if not all the members are properly introduced on the website, with Sam Kelly being the core member and a Chairman of the Board. Other core team members are Praveen Rai, Ajeet Singh and Ionut Jacob, whose profiles as well as experience can be easily checked through platforms such as LinkedIn or Twitter.
The overall team is supposed to have over 75 members, which are overseen by Sam Kelly, an award-winning investment manager and entrepreneur. Most of the people in this team have several years, if not, decades of experience in their respective fields, showing that the development should be in good hands.
What is also interesting about this cryptocurrency is its tokenomics. It’s actually one of the reasons why it is getting so much attention, since EverGrow believes that they have created an improved version of the stablecoin rewards system.
By design, EverGrow Coin is a deflationary token which means that it should be more scarce over time, hence a rise in the price. All of the holders of this token earn an 8% reward when they engage in either buying or selling through USD. Also, 2% of every transaction is sent to a buy-back wallet for repurchase purposes and 2% is also sent to a liquidity pool that is currently on the PancakeSwap. This should help with creating the price floor.
On top of that, 2% of every transaction is being sent to a Developer Fund. These are then used for marketing purposes, development or staffing costs. Thus, all in all, the transaction fees are at a combined level of 14%. This is automatically redistributed to the prespecified wallets.
When it comes to the token as such, EGC saw an extreme price spur right after it was released. In fact, right after the launch, half of its one quadrillion total supply of the tokens was burnt, leading to a sharp price increase. In less than a few moments the price skyrocketed by over 3 800% to create an ATH around 0.0000035 dollars in the beginning of November.
Since then, the price has mostly been losing its steam, with few upward spikes along the way. As of now the approximate price is about 0.000000075 USD and slowly decreasing. The current market cap of this coin is about 70 million dollars, which makes it a pretty small cryptocurrency. The volumes are not so shiny either, since according to CMC the 24h volume is usually around 150,000 dollars.
At the first glance it might seem like this project does not have many weaknesses. Yet, it is by far not done. One can clearly see that EverGrow Coin has much more room to grow. In fact, if it wants to make it to the TOP 20, as is the goal of the team, it needs to improve at least some of the following flaws so far.
First of all, it is rather complicated to buy this token, since it is not commonly traded on the biggest exchanges. As of now, only a handful of exchanges allow trading of this coin, and the volumes are really small as well. LBank and Pancake swap are amongst the best known exchanges that offer EGC, yet, even these have a pretty small volume.
Secondly, it seems like the project is mostly being built, which means that it has a long way to go and also it means that it needs to prove itself. Obviously, it is a good sign that 37 million dollars have already been redistributed, but until this number is in billions, it is hardly a safe bet.
The same can be said about the project’s market cap as well as trading volume. There is simply a lack of both, since the trading volume so far is very small and the market capitalisation of barely 70 million only shows that it has a long way to go. That however does not mean that it is impossible for EverGrow Coin to make it.
EverGrow is in a difficult spot, since it has to be developing mostly during the bear market, though many believe that bear markets are the best for development when it comes to this industry. Nevertheless, this means that the interest of the public is lower and so is the capital from investors. Yet, if they deliver everything that they are promising, EverGrow Coin may be able to quickly become a sweetheart of the cryptocurrency enthusiasts in the next bull run.
Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.