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The crypto market is having a rough ride in early 2022. All top 20 crypto coins are down on 7-day averages as the Russia-Ukraine crisis and record interest rates in the world's major economies have slashed crypto's market cap. Though the crypto industry brushed close to a $3 trillion valuation only in November last year, this has nearly halved to $1.6 trillion by February 2022.
Merchant adoption of memecoins like Shiba Inu and Dogecoin, as well as the possibility of Bitcoin to become an investment hedge to rival gold should have made for a bullish market. But predictions are hard to make in a volatile industry where macroeconomic conditions drag the whole market down. When Bitcoin is down, all other top crypto tokens are also usually down.
But could this be about to change? Crypto newcomer EverGrow Coin has made a bold announcement that could change the crypto market forever. Within a month, EverGrow aims to become the first crypto in history to create its own positive volume. This could mean a crypto asset unattached to market conditions – and a passive income generator with far less volatility than at present.
In this article, we'll look at the prices of top cryptos Bitcoin, Ethereum, Shiba Inu, and Dogecoin and look at how EverGrow seeks to disrupt the industry.
Shiba Inu is one of the best loved meme-coins. It has a market cap of $13 billion and more and more merchants are allowing SHIB as means of payment. This is vital for meme-coins to generate value beyond being a light-hearted crypto token. To date AMC Entertainment has announced SHIB possibilities in its US-based theatres, while Shiba Inu also partnered with fast-food chain Welly's in early February 2022. The popular SHIBArmy social media following has also sent thousands of messages asking Twitter to allow tipping in SHIB.
The price of Shiba Inu (SHIB) is currently at $0.0000237 and is down 22% over the last seven days.
While the crypto market is falling considerably in February 2022, crypto newcomer EverGrow has made many analysts sit up and listen. Within a month it will launch two groundbreaking projects that aim to create the first positive volume in crypto history. These developments could mean passive income for investors even during a bearish market.
EverGrow launched in September with an opening promise of Binance pegged US dollar rewards (BUSD). To date, the team has paid over $34 million in BUSD rewards to become the #1 BUSD rewards token and (following a partnership with SafeMoon) one of the world's top rewards tokens in general. The distributions are financed by an 8% tax on all EverGrow (EGC) transactions, which is instantly paid to EGC holders' wallets in BUSD.
When EverGrow launches its new NFT marketplace and world's first social media and content subscription platform Crator, this will mean more and more EGC transactions – and more revenue. According to EverGRow's white paper, any profit from utilities will be used by EverGrow's team to buy up EGC and send it to a burn address – permanently removing the coin from supply. This pushes the EGC price up as well as meaning more BUSD rewards for coin holders.
EverGrow is currently trading at $0.0000004831 with a market cap nearing $300 million. However, EverGrow is surely one to watch as these crypto firsts take flight in 2022.
Dogecoin was one of the first meme-coins to hit the crypto scene in 2013. It's risen rapidly to become the 12th largest crypto with a market cap of $16.8 billion. DOGE is also one of the most well-known cryptos due to its appearance on Premier League club Watford's kit, as well as associations with Tesla and its CEO Elon Musk. This week Musk announced DOGE could be used at Tesla's supercharging station in Santa Monica, for example.
Dogecoin is currently trading at $0.1266 and is down 15% in price in the last week.
Ethereum is the second-biggest crypto token, with a market cap over $300 billion. Ethereum rose to fame as a decentralised open-source blockchain system that allows developers to build projects on the platform. ETH is Ethereum's native token, which since 2014 has seen an annualised ROI rate of over 270%. Ethereum faces stiff competition from new platforms like Avalanche, whose platforms can process transactions much faster than Ethereum. Nevertheless, Avalanche only has a market cap of $17 billion in comparison.
ETH is currently trading at $2,500 and is 17% down over the last seven days.
Bitcoin has nearly halved in value following its all-time high of $68,000 in November last year. Bitcoin is by far the biggest cryptocurrency with a market cap of $700 billion but it's also most affected by wider market conditions. The prospect of war in Ukraine as well as rising inflation and talk of crypto regulation in governments the world over have seen big sell offs in 2022.
However, volatility is common in the crypto market. Bitcoin is currently trading at $36,800, and is 15% down on last week.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
