Shiba Inu Price up 3.5%, but EverGrow Coin Gaining 3x Faster

EverGrow coin is giving tough competition to Shiba Inu as both are recovering from a market drop.

Shiba Inu and EverGrow Coin have rebounded from a sudden market drop in April 2022. But while Shiba Inu is up 3.5% in price in the last 24 hours, EverGrow Coin is gaining more than 3x faster. 

The Shiba Inu burn rate has been growing rapidly with 159 million $SHIB tokens burned yesterday, according to shibburn.com. However, the burn rate is nothing like that of EverGrow Coin, whose chairman Sam Kelly recently announced coin burning at a rate of 5 trillion $ECG tokens per month. 

Both projects have a total supply of 1,000,000,000,000,000 tokens so EverGrow Coin's price is expected to explode in 2022.

Read more about why these crypto projects are growing so fast in price:

EverGrow Coin gets DigiFinex listing

Earlier this month, EverGrow Coin was listed on the huge DigiFinex exchange – in the top 10 in the world for the daily trading volume. The listing saw daily trading volumes rocket from between $500,000 to $1,000,000 to over $3,000,000 yesterday according to CoinMarketCap.

EverGrow Coin's price is currently $0.0000004111 but it's much higher on the DigiFinex platform, suggesting skyrocketing demand for this popular reflection token. EverGrow Coin has grown 10% in the past 24 hours thanks to the volume. 

Demand for EverGrow Coin is linked to its built-in coin-burning mechanism called buyback and burn (BB+B). EverGrow Coin charges a 14% transaction tax with 2% set aside to strategically buy EGC and then burn those coins. It means that with a daily volume of $3 million there is $60,000 every day available for strategic burns – compare this with Shiba Inu, where investors take it upon themselves to burn their own holdings. 

Shiba Inu sees Ethereum whale buy $223 billion

Shiba Inu is up 3.5% in the last 24 hours, according to CoinMarketCap. The price hike is linked to a massive whale purchase of 223.7 billion Shiba Inu tokens (value of around $5.78 million). 

According to WhaleStats this makes Shiba Inu the top token held by Ethereum whales, with $1.6 billion invested in $SHIB. This is $0.4 billion more than the second top token – $FTX.  

Shiba Inu also saw rapid price hikes after it was listed on the Robinhood brokerage platform last week. However, Shiba Inu is over 10% down year-to-date. Shiba Inu's price has in fact fallen sharply from its all-time high of $0.00008845 in November, to $0.000025 today.