Love the Shiba Inu burns? Here’s why you’ll love EverGrow

Shiba Inu burns picked up pace in late August 2022, as 390 million SHIB was burned in 48 hours.

The Shiba Inu burns have pushed the burn rate up to 41.04%.

According to the Shibburn portal, The 213 million SHIB burned on Tuesday was the best day for Shiba Inu burns all month. Data from Shibaswap also saw a record number of users (145,661) interacting with the portal, which lets you burn Shiba Inu in return for passive income.

But while Shiba Inu fans are undoubtedly excited about the news, the 390 million SHIB burns only have a value of around $5,000. Furthermore, it was the legendary Vitalik Buterin burn that initially removed 41.02% of the original SHIB supply from circulation.

In around 15 months, the Shiba Inu burn rate has only inched up 0.02%.

Below we'll look at why you'll be interested in the EverGrow reflection token which has burned 53.06% of its initial supply before even hitting its first birthday.

Let's find out how.

EverGrow – burn rate 12% higher than Shiba Inu

Vitalik Buterin started the craze for Shiba Inu burns after he received half the SHIB supply in early 2021, and decided he didn't want the 'power'.

He burned 41.02% of his SHIB and sent the rest to charity.

In the same week of the burns Shiba Inu also went on to its first major all-time high of $0.00003 – and the rest of the year was history.

But there's a problem with Shiba Inu burns.

There is no automated mechanism for burning SHIB, meaning that individual investors must destroy their own portfolio or build projects which burn Shiba Inu with a % of profits or incentivise others to burn SHIB (like ShibaSwap).

EverGrow is different.

EverGrow is a reflection token, which means you pay a tax when buying or selling $EGC and the funds collected are redistributed to holders (with EverGrow, rewards are paid in the BUSD stablecoin).

But a total of 2% of the 14% tax is set aside for 'buyback and burn'.

When buyback and burn funds reach a threshold, a smart contract is triggered which buys up EverGrow and sends it to the burn wallet. As you can see on bscscan.com, the burn address contains 53.06% of the initial EverGrow supply.

Bearing in mind that EverGrow only launched in late September last year, it's been one of the most successful hyper-deflationary tokens ever to launch onto the crypto market.

EverGrow burn rate set to get even hotter

EverGrow is a token that's designed to support passive income generation.

To this end, it's building two key applications to launch before the end of the year:

• LunaSky NFT – To support passive income generation, EverGrow is launching an NFT marketplace on the BNB Chain, Polygon and Ethereum. While EverGrow will not be the payment mechanism on LunaSky the project will bring huge exposure to the coin. Mint fees on the BNB Chain are as low as $0.20 and could make LunaSky a major competitor to established NFT marketplaces like OpenSea.
• Crator – To further boost passive income generation, EverGrow is launching a content subscription platform that integrates both fiat and crypto solutions. Crator will be the first crypto-native content subscription platform of its kind and challenge industry leaders like OnlyFans by offering competitive commissions (5% instead of 20% on OnlyFans).

While these applications will indirectly benefit the EverGrow burn rate by bringing new investment in, there's more.

The profits of these two apps will be 100% pumped back into buyback and burn. This can happen because 2% of the 14% EverGrow already goes towards development, so there's enough coming in to fund the growth of Crator and LunaSky.

Instead, all the fees collected from NFT mints or from subscription payments on Crator will be used to buy up even more EverGrow and burn it from supply.

EverGrow vs Shiba Inu – which will burn more in 2022?

Shiba Inu burns have gone through a rough patch recently.

Back in July, complaints came in that the ShibaSwap burn portal was not paying out the rewards it was supposed to. ShibaSwap promises to give anyone who burns SHIB a burntSHIB token, which earns the Ryoshi token at a fixed APR.

However, users were complaining the funds were slow to come in, or non-existent altogether.

Shiba Inu lead developer Shytoshi Kusama addressed the issues in a post on the Shiba Token website, saying that the ShibaSwap burn portal was the responsibility of a separate partner – Ryoshis Vision – and not the Shiba Inu lead development team.

The team called for immediate changes to ShibaSwap. As of late August and record interactions, it seems that problems are being cleared up.

However, there's still the issue of the Shiba Inu burn rate.

The more Shiba Inu grows in value, the more expensive it is to burn SHIB.

With EverGrow, coin burns are on auto-pilot and are fully scalable as the price increases because burns are funded by a transaction tax – not out of investors' own pockets.

This is why the EverGrow coin-burning mechanism is so popular right now. Any EverGrow you buy today could be worth a whole lot more in the next 12 months as the burn rate keeps on booming.