Evergrow Coin has announced that it can burn approximately 5 trillion EGC tokens per month. This is equivalent to about 0.5% of the total supply.
About Evergrow coin burn
Evergrow and Shiba Inu are expected to see price breakouts following the announcements regarding their coin-burning capabilities.
The importance of coin burning has been central to the story of Shiba Inu since last May when Vitalik Buterin burned over 410 trillion SHIB tokens. The rate of decline in the burn rate has been significant as the price of Shiba Inu has increased from $0.0000000002 to $0.000035.
Evergrow launched a project in September last year that allows users to burn EGC tokens continuously. The project has already burned over 52% of its supply through its built-in utilities. It is expected to become one of the top 50 cryptocurrencies this year.
Evergrow has also announced that it can burn approximately 5 trillion EGC tokens per month. This is equivalent to about 0.5% of its total supply.
The Evergrow Coin burn and buyback mechanism are funded by a 2% transaction tax on the EGC buy/sell orders. Smart contracts hold this 2% back.
Through its burn rate, Evergrow has surpassed Shiba Inu, which has had a burn rate of 41.03% since May last year. The project’s burn rate is currently 11% higher than that of Shiba Inu.
Evergrow has not issued a coin burn since April. The next one is expected to benefit from the huge volume of Evergrow Coin that will be generated following the project listing on the DigiFinex exchange. The Evergrow buyback and mechanism will also be used to tip the project’s price.
Shiba Inu hits coin-burning record
The backers of Shiba Inu launched the project’s burn portal last month. However, it took them until May 17 to deposit their funds into their wallets.
The burn rate of Shiba Inu reached a new record on May 18 as it exceeded 12 billion SHIB. The current price of $0.00001151 represents over $147,000 worth of the project.
Through the burn portal, users can earn RYOSHI tokens by burning SHIB. The Shiba Inu team also allows users to reward their wallets with additional SHIB tokens using the Woof mechanism.
According to the Shiba Burn website, around 5 billion of the project’s tokens have been burned in the last 24 hours. The high burn rate has not yet helped the project recover from its losses during the recent market crash.
The project’s reduced supply will continue to show once the next bear market occurs. This will likely boost the price of Shiba Inu once more.