By mid-October 2022, the native token EGC of the Content BNB Chain-based passive income system EverGrow had lost approximately 90% of its value this year as investors’ aversion to risk continued to weigh on cryptocurrency valuations.
The EverGrow ecosystem recently saw the beta roll-out of its multi-chain non-fungible token (NFT) marketplace, LunaSky, and the debut of a new ecosystem token called LUCRO. Despite these developments, EGC nevertheless suffered losses.
According to data from CoinMarketCap, EverGrow’s EGC coin is floundering, with more than 4,000 cryptocurrencies valued higher than it was as of October 19, 2022.
EGC: Will there be a recovery in 2022? Read on to learn more about the EverGrow protocol, its opportunities for passive income, the EGC coin price analysis, and the most recent expert price forecasts for the EverGrow coin.
The procedure for passive income EverGrow
Everglow is a BNB Chain-based passive income technology that gives stablecoins to owners of its native token, EGC.
On September 25, 2021, Praveen Rai and Ajeet Singh officially established the venture. Sam Kelly, an investor, reportedly joined the group and was made chairman of its board, according to the EverGrow website. At the end of 2021, a revised version of EverGrow’s roadmap was released.
Singh resigned from his position as EverGrow’s chief developer on August 8, 2022, according to an announcement made by Evergrow. Singh will continue to work for EverGrow as a technical consultant.
EverGrow pays EGC holders in the BUSD stablecoin based on Binance. Transaction costs associated with the purchase, sale and transfer of EGC are used to fund rewards.
According to the project’s whitepaper, 2% of each transaction fee is contributed to an EGC liquidity pool on Binance-based DEX Pancake Swap, and 8% of each payment is awarded to EGC holders. Project development and buyback programs each receive 4% more transaction fees.
Everglow is creating a social media platform called Creator, an NFT marketplace called LunaSky, a crypto wallet, a DEX, and a metaverse ecosystem to produce additional revenue streams to reward EGC holders.
The “anti-whale scheme” in the protocol, according to EverGrow’s whitepaper, restricts any sale to a maximum of 0.125% of the circulating supply of EGC.
On September 10, 2022, EverGrow held a public sale for their new ecosystem token, the LUCRO. LUCRO will reportedly be applied across all of EverGrow’s applications.
Every transaction involving LUCRO will be subject to a modest 1% tax, of which 0.8% will go to EverGrow’s repurchase and burn program, and 0.2% will go to LUCRO’s liquidity pool.
EverGrow: What is it? The EGC Tokenomics
The native cryptocurrency of the EverGrow network that generates yield is called the EverGrow token (EGC). EGC had a fully diluted market valuation of just under $93m as of October 19, 2022, according to CoinMarketCap, making it the 4,302nd largest cryptocurrency.
The key attraction of EGC is its capacity for passive income generation; holders receive 8% of all transaction fees on the EverGrow protocol.
According to the EverGrow website, awards are determined by the quantity of EGC held and the daily volume of the token. BUSD is only distributed when specific volume thresholds are reached; a low amount of transactions may cause more extended threshold trigger timings.
One quadrillion tokens were the initial maximum supply for EGC. Over 50% of EverGrow’s EGC has been sent to a burn address, and the token has a repurchase and burn feature, per the whitepaper.
When buying back EGC on the open market and sending them to a burn address, EverGrow’s repurchase reserve builds up Binance Coin (BNB). As previously noted, 2% of EverGrow’s transaction fees go toward its buyback reserve.
Over 139,400 addresses owned EGC on October 19, 2022, according to on-chain statistics from BscScan. About 53% of the maximum supply of EverGrow was stored at the burn address.
51.1 trillion EGC tokens, or 5.1% of the total supply before the burn, were owned by the top EGC holding address. The second-richest EGC-holding address held approximately 3.3% of the token’s pre-burn supply as of October 19, 2022.
On October 19, 2022, CoinMarketCap could not confirm the EGC circulating supply.
Price of BTC/USD
A few weeks after its inception, interest in EGC reached its height as EGC token transfers grew. BscScan data revealed that EGC token transfers increased in the final week of October 2021 and peaked at around 70,000 transfer counts on November 1, 2021, the same day that EGC reached an all-time high of $0.000003379.
EverGrow protocol token transfers have decreased since then, and the price of EGC has fallen in tandem with this decrease. As of October 19, 2022, EGC had lost around 89.6% of its value this year.
Recently, EGC has had to deal with a challenging third quarter of the year. As of October 19, 2022, EGC had lost nearly 50% over the previous ninety days. EGC’s losses have remained relatively high since EverGrow’s new LUCRO token and NFT marketplace was introduced.
Since its launch in the middle of September 2022, the LUCRO token has lost more than 60% of its value. On October 19, 2022, it sold at around $0.0000000929.
Due to investors’ risk-off attitude, EGC and LUCRO have had a bearish price action similar to most cryptocurrencies in 2022.
The price of EGC is currently 97% below its record high. In early October 2021, EGC’s record low was $0.00000005841, according to data from CoinMarketCap.
Updates involving EverGrow
The beta launch of EverGrow’s multi-chain LunaSky NFT Marketplace was announced on September 26, 2022. According to the company’s roadmap, the first utility platform in EverGrow’s ecosystem will be LunaSky.
LunaSky is set up to take 2% of every sale made through the site as a charge. According to EverGrow, the fees will be used to burn tokens sold on the market to boost the price of EGC.
EverGrow released EverGrowMan NFTs to commemorate the introduction of LunaSky, a collection of 15,000 superhero NFTs that offer owners the chance to win Tesla Model 3 automobiles, 50,000 BTC, and future LUCRO airdrops.
In related news:
- Crypto exchange BitMart delisted EGC on October 8, 2022, and stopped supporting all EGC products. In its press release, BitMart omitted to give the delisting’s cause.
- Early in September 2022, EverGrow introduced LUCRO, a new ecosystem token that will be traded at 30,000 LUCRO for every billion US dollars.
- Following LunaSky NFT Marketplace, Creator’s social media platform will debut on EverGrow. Approximately 75% of the work on Creator has been finished as of October 19, 2022, according to EverGrow’s status report.
- EverGrow’s website states three products will debut in 2022 or 2023: an NFT lending platform, a cryptocurrency wallet, and a decentralized exchange.
- Together with game development studio Objective Reality and virtual reality company Abstract VR, a metaverse dubbed EverGrow Metaverse is being created. In the metaverse, users can play VR games, meet friends and influencers on Creator, view NFTs in an entirely immersive three-dimensional gallery, and shop in virtual stores, claims EverGrow.
- Ameet Singh, one of the company’s founders, resigned from his position as a head developer of EverGrow on August 8, 2022, according to an announcement made by EverGrow. Singh will continue to work for EverGrow as a technical consultant.
Prediction for the price of EverGrow coin: 2022 and beyond
On October 19, 2022, CoinCodex predicted the short-term cost of the EverGrow currency, predicting that by October 24, 2022, the token’s value may increase by more than 6%. The money dropped to $ 0.0000000579 according to CoinCodex’s one-month EGC price forecast on October 19, 2022.
Longer-term, algorithm-based forecasting firm Wallet Investor was upbeat in its EverGrow price projection for 2022, anticipating that the EGC token will trade at an average price of $1.122 by the year’s conclusion.
By the end of 2025, however, the EverGrow price prediction by Wallet Investor predicted that the token would reverse its gains and drop to an average price of $0.000000006.
The EverGrow coin was expected to trade at an average price of $0.000000510 in 2030, according to DigitalCoinPrice’s pricing projection.
In five years, on September 2, 2022, Price Prediction predicted that the EverGrow cryptocurrency would trade at an average price of $0.00000065.
Be aware that algorithm-based EverGrow coin price forecasts can be inaccurate and shouldn’t be used as a replacement for in-depth study.
Do your research at all times, and remember that your choice to trade or invest should be based on your risk tolerance, market knowledge, portfolio size, and investment objectives.