In April 2022, Dogecoin is struggling miserably against the soaring EverGrow coin.
Dogecoin was the crypto that everybody was crazy about in 2021, but it hasn’t been the case this year. The meme coin has lost 17.6% in price year-to-date. Conversely, EverGrow Coin showed a surge from 0.0000004 to 0.0000005 within a day (22 Apr-23 Apr) as per CoinMarketCap.
Elon Musk is preparing a takeover bid for Twitter, and shares in the company have risen to $0.14 as a result. This also means that Tesla prices will likely see an increase, but the hype seems to be waning since the acquisition was announced.
On the contrary, EverGrow Coin’s market cap has been on the rise since last week. So, let’s look at the roadmaps and projections for these two popular cryptocurrencies in 2022
EverGrow Coin
EverGrow Coin is a token with a built-in deflation mechanism. This mechanism brings prices up even when the market is experiencing bearish cycles. Moreover, DigiFinex has just launched a new decentralized exchange where EverGrow Coin can be traded on the fly. This has increased its 24-hour trading volume more than any other time this year. And a quick search of the DEX shows there is access to buy EGC. Previously, the best place to buy it was PancakeSwap.
EverGrow has an inherent token-burning feature. It takes advantage of EverGrow’s increased volume while minimizing the risk of market volatility. The token charges a 14% transaction tax on buy-sell orders. 2% of those funds are set aside and strategically used to buy our own EGC, after which the coins are then burned.
As an example, a purchase of over $3 million worth of EverGrow coins means that approximately $60,000 were collected. This money was used automatically to buy back and burn EverGrow coins.
EverGrow coin rewards the investors with 8% of spoils generated by the transaction tax. The rewards are sent in either BUSD stablecoin or ETH. Over the lifetime of EverGrow Coin, the rewards have equated to a whopping $36 million.
And these rewards are only going to grow fast. EverGrow’s token volume has increased dramatically in the last month. It is predicted that EverGrow will burn 5 trillion of its tokens every month, equating to 0.05% of the total supply.
Dogecoin
Dogecoin was introduced in 2013, which was an innovation based on the popular Doge meme. It features a Shiba Inu surrounded by Comic Sans phrases like ‘Wow’, ‘So cool’, and ‘Doge’. Not so long ago, it saw a huge price rally due to Elon Musk endorsing it on Twitter. And when Elon hosted the Saturday Night Live show, DOGE’s price to shoot to the sky.
Dogecoin is one of the most popular cryptocurrencies, with a market cap of over $18.6 billion. It’s the best-performing meme-coin and is ahead of Shiba Inu by over 15 places in the CoinMarketCap rankings.
However, after having peaked at $0.25, the price of Dogecoin has been trading at around $0.14. This is an 80% drop from the all-time high. It is worth noting that influential backers like Elon Musk play a crucial role in the fluctuations of its value. The Robinhood CEO Vladimir Tenev recently suggested that Dogecoin could reach its goal of becoming the currency “of the people” if it can ramp up its block times. However, DOGE’s current block rate stands at 1 minute, which is only sufficient for micro-transactions.
Final Thoughts
Dogecoin is still a very promising currency in 2022. But after seeing the rapid rise of EverGrow cryptocurrency, it is hard to compare the two in the current situation. The hyper-deflationary nature of EverGrow is playing a huge role in its constant rise. Dogecoin might have been the king last year, but influencers like Elon Musk dictate its rise and fall. In contrast, currently, EverGrow has more inherent value, stronger fundamentals, and incredible projections. So, if we talk about the present, EverGrow vs. Dogecoin is not even a fair battle. But the status quo may change if Elon Musk decides to do something unbelievable for his favorite meme coin.