Passive income coin EverGrow burned tokens 4,085x times faster than Shiba Inu in November.
EverGrow burned $262,500 worth of its own tokens last month. Meanwhile just $6,000 of Shiba Inu entered burn addresses. It's got people excited in the DeFi space for a future where ecosystems can drive up crypto prices regardless of a bear market.
It's all down to building use cases.
EverGrow launched an NFT marketplace in September which sends 100% of revenue to burn tokens. Revenue was supplemented by sales of EverGrow NFTs.
But altogether it's helped burn 2.7 trillion EverGrow tokens worth $262,500.
It's a lot considering the EverGrow market cap is just $40 million. Shiba Inu has a market cap of $5 billion. That's why EverGrow burned close to 1% of its circulating supply in November while Shiba Inu burned around 0.0001% of circulating supply.
The price of EverGrow has pumped 43% since the burn started in early November.
So what's the catch?
EverGrow comes with a transaction tax, split as follows:
The idea is that once you're holding EverGrow, you earn passive income and watch prices rise as more tokens are being burned. Passive income and burn funds are also starting to finance themselves.
LunaSky is just the first app. In 2023, EverGrow will launch a wallet, token swap, content subscription platform (think a crypto-based OnlyFans) and a metaverse experience.
All of them will be sending their revenue to burning tokens, and paying BUSD passive income.
Shiba Inu pumped in price in May after a burn portal opened up on ShibaSwap.
In May, more Shiba Inu than ever was burned to burn wallets – 31 billion SHIB. But then the portal failed to pay its promised passive income rewards, and the development team abandoned it.
The ShibaSwap burn portal has now been taken over by the lead development team. But there's not been any updates yet as of December 2022.
EverGrow is one of many innovative altcoins filling that gap. But it's one of the only ones that combines token burning mechanisms with passive income, and all in an ecosystem which generates use cases for buying and holding EverGrow.
With prices rising fast and the burn ongoing, EverGrow could be about to breakout.
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