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Shiba Inu just had its worst month of burning SHIB tokens all year.
Just 882 million Shiba Inu entered burn addresses in October, worth a dollar value around $8,500. It's a much lower figure than in September with 1.8 billion SHIB destroyed and compared to May with 31 billion SHIB destroyed.
According to the Shiba Burn Tracker, it would take 50,000 years until 90% of the Shiba Inu supply is destroyed at the burn rate in October.
But even then, Shiba Inu would only have a price of $0.00006.
If you're bullish on the idea of token burning and want to back a token with much better burn prospects, here's why you need to read up on EverGrow.
Shiba Inu has almost destroyed 0.01% of its total supply in the past 12 months – EverGrow has destroyed 2.5%. In other words, EverGrow is burning its supply 250 times faster than Shiba Inu.
With more than 53% of the EverGrow original supply in the burn address the token is on track for a price of $0.01 within 20 years. That's a price gain of 8,300,000% from the current EGC price of $0.00000012.
How does EverGrow do it?
EverGrow charges a transaction tax of 14%. Just 2% of this is used to buyback and burn EverGrow – and it's this 2% tax which has burned through so much supply already.
But the tax is not the only burn mechanism. If you're reading this before the end of 2022, you could be in for a one-in-a-thousand chance to back a crypto set to explode in price.
Read more about EverGrow here: https://evergrowegc.com/
The ultimate vision of EverGrow is to create an ecosystem which rewards holders with its revenue streams.
The first step of this ecosystem came to life in September. EverGrow launched its flagship NFT marketplace LunaSky – announcing that 100% of all revenue will be used to buyback and burn EverGrow.
It's not just sending EverGrow to a burn address like with Shiba Inu. The EverGrow mechanism actually buys EverGrow from the PancakeSwap decentralised exchange and sends it to the burn address.
The difference is that EverGrow burns register as a buy on price charts.
EverGrow gained more than $250,000 in burn funds after launching LunaSky. The funds will soon be deployed via smart contracts to pump the EverGrow price on a daily basis until the end of the year.
The team estimated that funding is enough to create '60 days' of green candles on price charts – should daily trading funding remain the same.
Anyone buying in now not only has a chance to realise impressive ROI, but also to form a part of a new DeFi movement that seeks to return as much revenue and trading volume back into the pockets of its holders.
Read more about EverGrow here: https://evergrowegc.com/
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. 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. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
