EverGrow coin price prediction: Will passive income token EGC rise in 2023?
BNB Chain-based passive income protocol EverGrow’s native token EGC was on track to post a loss of over 90% in 2022 amid an ongoing crypto winter.
EGC’s massive yearly losses came despite the EverGrow ecosystem seeing both the beta roll-out of its multi-chain non-fungible token (NFT) marketplace, LunaSky, and the launch of a new ecosystem token called LUCRO during the year.
As of 30 December 2022, EverGrow’s EGC token is currently languishing with more than 3,400 cryptocurrencies valued above it in terms of market capitalisation, according to CoinMarketCap data.
Will EGC see a rebound in 2023? Let us read about the EverGrow protocol, its passive income-yielding offerings, price analysis of the EGC coin and the latest EverGrow coin predictions from analysts.
Origins: Passive income protocol EverGrow
EverGrow is a BNB Chain-based passive income protocol that rewards holders of its native token EGC with stablecoins.
The project, founded by Praveen Rai and Ajeet Singh, launched on 25 September 2021. According to the EverGrow website, investor Sam Kelly joined the team and was appointed chairman of its board. EverGrow’s updated roadmap was published at the end of 2021.
On 8 August 2022, Evergrow announced that Singh had stepped down as lead developer of EverGrow by mutual consent. EverGrow added that Singh will remain on its team as technical consultant.
EverGrow rewards EGC holders in Binance-based stablecoin BUSD. Rewards are generated from transaction fees from buying, selling and transferring EGC.
According to the project’s website, 8% of every transaction fee is redistributed to EGC holders, and 2% is transferred to an EGC liquidity pool on Binance-based DEX Pancake Swap. An additional 4% of transaction fees is shared equally between buyback programmes and project development.
In order to generate additional sources of income with which to reward EGC holders, EverGrow has been developing an NFT marketplace called LunaSky, plus a social media platform called Crator, a crypto wallet, a DEX and a metaverse ecosystem.
EverGrow’s whitepaper also stated that the protocol had an “anti-whale system” that limits any sale amount to a maximum of 0.125% of EGC’s circulating supply.
EverGrow conducted a public sale of its new ecosystem token called LUCRO token on 10 September 2022. According to EverGrow, LUCRO will be used across its various applications.
Each LUCRO transaction will incur a nominal 1% tax, of which 0.8% will be used for EverGrow’s buyback and burn programme and 0.2% will be sent to LUCRO’s liquidity pool.
What is EverGrow? Tokenomics of EGC
The EverGrow token (EGC) is the native yield-generating cryptocurrency of the EverGrow protocol. According to CoinMarketCap, as of 30 December 2022, EGC was the 3,465th-largest cryptocurrency, with a fully-diluted market cap of about $75m.
The main draw of EGC is its passive income-earning ability – 8% of all transaction fees on the EverGrow protocol is rewarded to holders.
According to EverGrow’s website, rewards are calculated by the amount of EGC held and the token’s daily volume. BUSD is distributed only when certain volume thresholds are triggered – a low transaction volume may result in longer threshold trigger times.
EGC had an initial maximum supply of one quadrillion tokens. According to EverGrow’s whitepaper, the token has a buyback and burn feature and over 50% of EGC has been sent to a burn address.
EverGrow’s buyback reserve accumulates Binance Coin (BNB), which is used to buy back EGC from the open market and send them to a burn address. As mentioned earlier, 2% of transaction fees on EverGrow is allocated for its buyback reserve.
On-chain data from BscScan showed that over 139,300 addresses held EGC on 30 December 2022. EverGrow’s burn address held about 53.5% of EGC’s maximum supply.
The top non-smart contract EGC-holding address held over 51.1 trillion EGC tokens, representing 5.1% of its total supply before burn. The second non-smart contract richest EGC-holding address held about 3.3% of the token’s total supply before burn, as of 30 December 2022.
CoinMarketCap said it could not verify the circulating supply of EGC on 30 December 2022.
Price action: EGC decline in 2022
Data from CoinMarketCap showed EGC was trading at $0.00000006575 on 7 October 2021, less than two weeks after EverGrow Protocol’s launch.
Interest in EGC peaked a few weeks after its launch, as EGC token transfers began to increase. BscScan data showed EGC token transfers surged in the last week of October 2021 and peaked at over 70,000 transfer counts on 1 November 2021, the same day that EGC hit an all-time high of $0.000003379.
Since then, the number of token transfers on EverGrow protocol has declined and the price of EGC has mirrored this downfall. In 2022, EGC has lost about 91% year-to-date, as of 30 December 2022.
More recently, EGC has endured a difficult end to the third quarter of the year. EGC’s losses over the last 90 days, as of 19 October 2022, amounted to about 50%. The launch of EverGrow’s new LUCRO token and NFT marketplace has done little to help recoup EGC’s losses.
The LUCRO token was trading at about $0.00002303 on 30 December 2022, having lost nearly 30% over the last 90 days.
EGC and LUCRO have suffered a similar fate of bearish price action that most cryptocurrencies have seen in 2022 due to risk-off investor sentiment.
Evergrow made an announcement in the second half of 2022 saying that it will delist EGC from all centralised exchanges. This announcement has not aided EGC’s market recovery with the token down over 50% in the last 90 days, as of 30 December 2022.
At the time of writing, EGC was trading at $0.000000075, nearly 98% below its all-time high.
News: EverGrow developments
CEX delisting
On 8 October, EverGrow tweeted that it delisted the EGC token from centralised crypto exchange (CEX) BitMart and said: “As confirmed, we are removing ourselves from all CEXs.”
In a Twitter Space, EverGrow founder Kelly said:
NFT marketplace launch
On 26 September, EverGrow announced the beta launch of its multi-chain LunaSky NFT Marketplace. According to EverGrow’s roadmap, LunaSky will be its ecosystem’s first utility platform.
LunaSky is designed to collect a 2% fee on all sales transacted on the platform. EverGrow said the fees collected will be used to buy back EGC tokens from the market and burn them in order to support EGC’s price.
EverGrow marked the launch of LunaSky with the release of EverGrowMan NFTs, described as a collection of 15,000 superhero NFTs which give their owners the chance to win Tesla Model 3 cars, 50,000 BUSD and future LUCRO airdrops.
In other news:
- On 8 October 2022, crypto exchange BitMart delisted EGC and ended support for all EGC products. BitMart did not state a reason for the delisting in its press release.
- In early September 2022, EverGrow launched its new ecosystem token LUCRO, which will be sold at a price of 30,000 LUCRO for 1 BUSD.
- Social media platform Crator is the next in line to launch on EverGrow after LunaSky NFT Marketplace. According to EverGrow’s progress report, about 75% of the work on Crator had been completed as of 19 October 2022.
- A crypto-based content subscription platform, game development studio, metaverse arcade and crypto wallet were marked as "coming soon" on EverGrow’s website.
- A metaverse called EverGrow Metaverse is being developed in partnership with game development studio Objective Reality and virtual reality firm Abstract VR. According to EverGrow, its metaverse will enable users to browse NFTs in a fully-immersive three-dimensional gallery, meet friends and influencers on Crator, play VR games and shop in virtual stores.
- On 8 August 2022, EverGrow announced that one of its founders, Ameet Singh, had stepped down as lead developer of EverGrow by mutual consent. EverGrow added that Singh will remain on its team as technical consultant.
EverGrow coin price prediction: 2023 and beyond
CoinCodex’s short-term EverGrow coin price prediction indicated that the token’s value could rise by 1% to $0.00000007577 by 4 January 2023. CoinCodex’s one-month EGC price prediction on 30 December 2022 saw the token climbing further to $0.00000009172.
For the longer term, algorithm-based forecasting service Wallet Investor was bullish in its EverGrow price prediction for 2023, expecting the EGC token to trade at an average of $0.183 by the end of the first quarter of 2023.
Wallet Investor’s EverGrow price prediction for 2025 saw the token falling to an average price of $0.000000010 by the end of 2025.
Meanwhile, DigitalCoinPrice’s EverGrow price prediction for 2030 saw the token trading at an average price of $0.00000105 in 2030.
Price Prediction’s EverGrow crypto price prediction on 30 December 2022 saw the token trading at an average price of $0.00000092 in five years’ time.
Note that algorithm-based EverGrow coin price predictions can be wrong, and that forecasts shouldn’t be used as a substitute for your own research.
Always conduct your own due diligence and remember that your decision to trade or invest should depend on your risk tolerance, expertise in the market, portfolio size and investment goals.