EverGrow Coin has announced plans to burn 5 trillion EGC tokens (0.5% of total supply) each month.
Shiba Inu and EverGrow Coin are getting ready for sizeable price breaks in the wake of challenging coin-burning updates.
Coin burning has been central to the Shiba Inu story since Vitalik Buterin burned 410 trillion SHIB tokens (41% of total) from supply in May last year.
The rise in Shiba Inu prices has caused their burn rate to drop. As their selling price went up, the total number of dogs went down and decreased rapidly. The cost of the bitcoin equivalent significantly reduced over time as well.
EverGrow Coin launched in September last year. It has built-in utilities that consistently burn EGC tokens regardless of price increases. The project has burned more than 52% of its total supply and is predicted to become a top 50 cryptocurrency.
EverGrow Coin will be burning 0.5% of its supply every month
The EverGrow Coin buyback and burn mechanism are funded by 2% from a total 14% transaction tax on EGC buy/sell orders. This guarantees lower prices and less supply.
The 2% of the token supply is held back by the smart contract for strategic coin burns. EverGrow Coin has burnt an impressive 52.9% of its total supply.
The burn address is visible at the top of bscscan.com. The coin burn rate for everGrow is currently 11.18% higher than that of Shiba Inu’s at 45.03% since last May. EverGrow Coin has not performed a coin burn since early April.
The upcoming coin burn will reap benefits from the success following the listing of EverGrow Coin on DigiFinex. The EverGrow Token buyback mechanism will register as a buy-on price tracker and will help to push EverGrow Coin into a price breakout.
Shiba Inu set the record for coin stacks
Shiba Inu backers launched the Shiba Inu burn portal last month with much fanfare and have been eagerly waiting for the passive income to start rolling in. Sadly, there was a setback when the first two earnings weeks were skipped owing to the data-processing error.
On May 18, the Shiba Inu burn rate exploded 800% to a new record of 12.8 billion SHIB. At the current Shiba Inu price of $0.00001151, that’s over $147,000 worth of Shiba Inus. Your Shiba Inu wallet will earn burnedSHIB tokens when they burn Shib tokens.
By holding these tokens on your wallet and participating in the Woof mechanism, you can earn RYOSHI tokens as a reward with an APY of up to 5%. Some 5 billion SHIB tokens have been burned in the last 24 hours.
The Shiba Inu Crypto prices have not yet been able to recover from the market’s recent lows. I believe the price of Shibas may increase substantially as soon as the next bear market.