EverGrow Coin Price Direction
The BNB Chain-based passive income protocol EverGrow coin price surged in the last week of August due to the news of an ecosystem token launch.
The new token, LUCRO, is intended to enhance EverGrow's ecosystem, which presently includes a decentralised exchange, or DEX, an NFT marketplace, a social media platform, a crypto wallet, and a Metaverse.
The sharp EverGrow price rise of more than 40% in the previous seven days, as of 2 September, was a welcome relief for EGC investors. They had watched the token lose about 80% of its market value since 2022.
Evergrow coin - a form of passive income
EverGrow is a passive income platform built on the BNB Chain that compensates holders of its native token with stablecoins.
EverGrow pays its holders in BUSD, a Binance-based stablecoin. Transaction costs from buying, selling, and transferring EGC create rewards. According to the project's whitepaper, 8% of all transaction fees are redistributed to holders, with the remaining 2% going to a liquidity pool on the Binance-based DEX Pancake Swap.
An additional 4% of transaction fees are split evenly between repurchase programmes and project development. The protocol also has an "anti-whale scheme" that restricts any sale value to 0.125% of the circulating supply.
Evergrow coin price - What is EverGrow?
According to CoinMarketCap, EverGrow's native token was the 3,250th largest cryptocurrency as of 2 September, with a self-reported market valuation of $91m.
According to their website, awards are computed based on the amount of EGC held and the daily volume. BUSD, when specific volume criteria are met, is distributed; low transaction volume may result in a longer threshold trigger period. The token features a buyback and burn option; more than 50% of EGC passed to a burn address. The initial maximum quantity of the companies' tokens was one quadrillion.
EverGrow's repurchase reserve amasses Binance Coin (BNB), used to purchase EGC on the open market and transfer it to a burn address. As previously stated, EverGrow allocates 2% of transaction fees to its repurchase reserve.
Based on BscScan on-chain statistics, around 139,800 addresses possessed EGC on 2 September, 2022. EverGrow's burn address had approximately 53% of EGC's maximal supply. The highest EGC-holding address had 51.13 trillion tokens, accounting for 5.1% of the entire supply before the burn. As of 2 September, 2022, the second richest EGC-holding address had around 3.4% of the token's total supply before the burn.
The action of EverGrow coin price
EGC interest peaked a few weeks after its inception when EGC token transfers began to surge. On 7 October, 2021, less than a fortnight after the debut of the EverGrow Protocol, EGC was selling for $0.00000006575, according to CoinMarketCap data. As per BscScan data, EGC token transfers increased in the last week of October 2021, peaking at over 70,000 transfer counts on 1 November, 2021, the same day EGC reached an all-time high of $0.000003379.
Since then, the amount of token transfers on their protocol has decreased, and the price of EGC has followed suit. As of 2 September, 2022, EGC had lost around 78%. EGC reduced losses by climbing 37% in the previous seven days.
EGC is one of several coins experiencing unfavourable price behaviour due to the risk-off shift in market opinion toward cryptocurrencies. This year, the crypto veterans BTC and ETH have dropped by more than 50%.
EverGrow coin price prediction for 2022
Longer term, algorithm-based forecasting firm Wallet Investor was optimistic about the firms' price projection for 2022, predicting that the EGC token will trade at an average of $1.122 by the end of 2022.
According to Wallet Investor's 2025 EverGrow price projection, the token will reverse its gains and plummet to an average price of $0.000000006 by the end of 2025.
Meanwhile, DigitalCoinPrice predicted that the token would trade at an average price of $0.000000889 in 2030.
Per the price prediction's EverGrow crypto price prediction for 2 September, 2022, the token will trade at an average price of $0.00000106 in five years.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.