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Shiba Inu and EverGrow Coin are getting set for price breakouts in the wake of huge coin-burning updates.
Coin burning has been central to the Shiba Inu story ever since Vitalik Buterin burned 410 trillion SHIB tokens (41% of total) from supply in May last year. The Shiba Inu burn rate has slowed down significantly as the Shiba Inu price rose from $0.0000000002 in early last year to $0.000035 by May.
EverGrow Coin launched in September last year with built-in utilities that consistently burn EGC tokens regardless of price increases. The project has burned more than 52% of its total supply and is tipped to become a major top 50 crypto this year.
EverGrow Coin has announced sufficient volume to burn 5 trillion EGC tokens (0.5% of supply) every month.
The EverGrow Coin buyback and burn mechanism is funded by 2% from a total 14% transaction tax on EGC buy/sell orders. The 2% is held back by smart contracts for strategic coin burns.
To date, EverGrow Coin has burnt an impressive 52.9% of its total supply. You can see the burn address as the top wallet on bscscan.com. The EverGrow Coin burn rate is therefore over 11% higher than Shiba Inu which is at 41.03% since last May.
EverGrow Coin has not made a coin burn since early April. The next coin burn will benefit from millions of dollars in EverGrow Coin volume following a huge listing on the DigiFinex exchange. The EverGrow Coin buyback and mechanism will register as a buy-on price tracker, and help to tip EverGrow Coin into a price breakout.
Shiba Inu backers rolled out the Shiba Inu burn portal last month – but it took until May 17 for the promised passive income to start entering wallets.
On May 18, the Shiba Inu burn rate exploded 800% to a new record of 12.8 billion SHIB. At the current Shiba Inu price of $0.00001151 that's over $147,000 worth of Shiba Inu.
The Shiba Inu burn portal rewards wallets that burn Shib with the burntSHIB token. By staking these tokens via the Woof mechanism, stakers can earn RYOSHI tokens as a reward at a variable APY.
In the last 24 hours some 5 billion SHIB tokens have been burned according to shibburn.com. The explosion of the Shiba Inu burn rate has not yet helped Shiba Inu recover its losses during the crypto market crash.
However, the drastically reduced supply of Shiba Inu will undoubtedly show once the next bear market comes around and renewed interest rises the Shiba Inu price once more.
