EverGrow will burn 583% more of its initial supply than Shiba Inu this week.
Both EverGrow and Shiba Inu have an initial supply of one quadrillion tokens. But while EverGrow has raised $217,000 to burn 1.4 trillion tokens this week, Shiba Inu has seen 239 million tokens burned at a cost of just $2,670.
In fact, in the whole month of September just 1.9 billion SHIB was burned from supply at a dollar value around $23,000.
EverGrow has a market cap of just $72 million.
So how is it burning far more supply at a higher dollar cost than Shiba Inu with a market cap of $6.5 billion?
Below, let’s look at two reasons why.
EverGrow burns tokens with a 2% tax
EverGrow only launched in September 2021, while Shiba Inu launched in August 2020.
But despite being 12 months ahead of EverGrow and with a spot in the crypto top 20, the Shiba Inu burn address is just 41.04% of initial supply.
The EverGrow burn wallet is 53.18% of initial supply.
(You can check the top EverGrow wallet here on bscscan.com.)
This is because the tokens burn tokens in very different ways. Shiba Inu requires individual investors to burn their own stash, or projects to burn SHIB with a % of profits. This worked spectacularly when Vitalik Buterin burned 41.02% of the Shiba Inu supply in May last year. Since then, the needle’s only moved 0.02%.
EverGrow meanwhile takes 2% of every EGC buy or sell, and burns it automatically once burn funds reach a threshold.
EverGrow ecosystem is built to burn tokens
EverGrow burned 53% of its supply from the token tax – but this didn’t raise $217,000 alone.
EverGrow just launched a new ecosystem and application all designed to ramp up the burn rate. Lucro (LCR) launched in early September and has been sending 0.8% of buys or sells towards buying back and burning EverGrow. Lucro is an ecosystem token because the total EverGrow tax is 14% with the majority going towards BUSD rewards to investors, with the rest for buyback & burn, liquidity and development.
Lucro will soon be integrated into LunaSky, the first EverGrow application. LunaSky is a multi-chain NFT marketplace. Not only does 100% of LunaSky revenue from minting and transaction fees go towards buying and burning EverGrow, but all of the revenue from selling 15,000 unique EverGrowMan NFTs.
The sale of NFTs has raised $200,000 so far. The remaining $17,000 this week has come from EverGrow and Lucro trading volume.
According to EverGrow boss Sam Kelly, the buyback & burn funds raised this week could create consecutive days of green candles on the $EGC price charts.
Shiba Inu is also planning to burn SHIB with profits or purchases in the Shiba Eternity game.
The launch of the Shibarium should also lead to automatic burns.
However, it’s not clear yet what % of profits will be used to burn Shiba Inu. Nobody knows yet just how much these burning initiatives will reduce the initial supply. Of course, once supply is reduced it is still necessary for continued investment for a token price to increase faster than before.
FIND OUT MORE
EverGrow website: https://evergrowegc.com/
Lucro token website: https://lucrotoken.com/
EverGrow Twitter: https://twitter.com/evergrowcoinEGC
Lucro Twitter: https://twitter.com/lucrotoken
EverGrow price: https://poocoin.app/tokens/0xc001bbe2b87079294c63ece98bdd0a88d761434e
Lucro price: https://poocoin.app/tokens/0x988f7c894e4001eeb7b570cde80dffe21cf7b6b9
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