One of the biggest similarities between Shiba Inu and EverGrow Coin is they started with the same amount of tokens
The Shiba Inu burn portal ShibaSwap has brought huge interest back to Shiba Inu after launching in late April. Alongside the innovative EverGrow Coin buyback & burn mechanism, these two projects are promising a different path towards making ROI from your crypto investments in 2022.
So how does coin burning work in crypto? The concept is simple. If you want to burn Shiba Inu you’ll need to send SHIB tokens to a ‘dead wallet’ or ‘burn wallet’ which removes them permanently from supply. It’s the same with EverGrow Coin, except that the process is built into the project’s fundamentals.
Coin burning increases the scarcity of a crypto token like Shiba Inu, and in turn, drives up SHIB prices even if demand remains the same.
EverGrow Coin has already burned 11% more supply than Shiba Inu
One of the biggest similarities between Shiba Inu and EverGrow Coin is they started with the same amount of tokens: 1,000,000,000,000,000. Aside from the fact both projects identify coin burning as a key mechanism to raise prices long-term, the process is very different.
EverGrow Coin doesn’t have a platform like the recent Shiba Inu burn portal ShibaBurn. Instead, when buying up EverGrow Coin you contribute to huge coin burns that have already burned 53% of the total supply (530 trillion EGC tokens) since launching in September last year. You can check the EverGrow Coin burn rate here.
A 14% transaction tax on EverGrow Coin buys or sells sends 2% for strategic coin burns. The EverGrow Coin team has made about seven major coin burns (roughly once a month) and is due to burning around 5 trillion more EGC tokens (0.5% of supply) in early May 2022.
Shiba Inu burn portal ShibaBurn
The Shiba Inu burn portal ShibaSwap has brought huge renewed investor interest into Shiba Inu. Google Trends data shows that ‘Shiba Inu burn portal’ is the number one breakout search query from February to the end of April – despite ShibaBurn only launching in late April.
As Shiba Inu is decentralised, it means that Shiba Inu investors must themselves send SHIB tokens to a recognised burn wallet. The new Shiba Inu burn portal called ShibaBurn incentivises investors to do this by rewarding them with burnt SHIB tokens.
By holding burntSHIB tokens in an Ethereum wallet you can then earn RYOSHI tokens. According to the ShibaSwap burn portal, you can currently expect an APR of 19% in RYOSHI tokens.
The Shiba Inu burn portal has to date burned 19 billion SHIB tokens, at a cost of $430,000 according to the current Shiba Inu price of $0.00002256.
The Shiba Inu tokens burned using the burn portal is significant, though the total amount of Shiba Inu burned in the past year remains at $420 trillion or 42% of supply.
Disclaimer: The information posted in the article is for educational purposes only. By using this, you agree that the information does not constitute any investment or financial advice. Do conduct your own research and reach out to financial advisors before making any investment decisions.
Share This Article
Do the sharing thingy
About Author
More info about author
