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EverGrow coin price prediction: Will passive income token EGC rise in 2022?

By Mensholong Lepcha

Edited by Jekaterina Drozdovica


Updated

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BNB/USD
Binance Coin / USD
289.93 USD
-5.05 -1.750%
BUSD/USD
BUSD/USD
1.0082 USD
-0.0002 -0.020%

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EGC surge experienced a surge on news of the LUCRO token launch – Photo: PopTika/Shutterstock.com

BNB Chain-based passive income protocol EverGrow’s native token EGC extended its year-to-date losses to nearly 90% by mid-October 2022 as risk-off investor sentiment continued to bite cryptocurrency valuations.

EGC’s 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 in recent weeks.

As of 19 October 2022, EverGrow’s EGC token is currently languishing with more than 4,000 cryptocurrencies valued above it in terms of market capitalisation, according to CoinMarketCap data.

Will EGC see a rebound in 2022? Let us read about the EverGrow protocol, its passive income-yielding offerings, price analysis of the EGC coin and the latest EverGrow coin price 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 whitepaper, 8% of every transaction fee is redistributed to EGC holders, and 2% 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 is developing an NFT marketplace called LunaSky, 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 19 October 2022 EGC was the 4,302nd-largest cryptocurrency, with a fully-diluted market cap of just under $93m. 

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 139,400 addresses held EGC on 19 October 2022. EverGrow’s burn address held about 53% of EGC’s maximum supply.

The top EGC-holding address held 51.1 trillion EGC tokens, representing 5.1% of its total supply before burn. The second richest EGC-holding address held about 3.3% of the token’s total supply before burn, as of 19 October 2022.

CoinMarketCap could not verify the circulating supply of EGC on 19 October 2022. 

LUNC/USD

0.00 Price
-3.230% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
Spread 0.00000685

XRP/USD

0.38 Price
-1.720% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00362

ETH/USD

1,234.97 Price
-1.830% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

DOGE/USD

0.10 Price
-3.850% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0012180

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. 

EGC to USD chart, 2021 - 2022

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 89.6% year-to-date, as of 19 October 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 has lost over 60% of its value since its debut in mid-September 2022. It was trading at about $0.0000000929 on 19 October 2022.

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.  

EGC is currently trading 97% below its all-time high. Data from CoinMarketCap showed EGC’s record low stood at $0.00000005841, hit in early October 2021
 


News: EverGrow developments

On 26 September 2022, 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 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.
  • An NFT lending platform, a crypto wallet and a decentralised exchange are set to launch in 2022 or 2023, according to 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: 2022 and beyond

CoinCodex’s short-term EverGrow coin price prediction on 19 October 2022 indicated that the token’s value could rise over 6% by 24 October 2022. CoinCodex’s one-month EGC price prediction on 19 October 2022 saw the token falling to $ 0.0000000579. 

For the longer term, algorithm-based forecasting service Wallet Investor was bullish in its EverGrow price prediction for 2022, expecting the EGC token to trade at an average of $1.122 by the end of 2022.

Wallet Investor’s EverGrow price prediction for 2025, however, expected the token to reverse its gains and fall to an average price of $0.000000006 by the end of that year.

Meanwhile, DigitalCoinPrice’s EverGrow price prediction for 2030 saw the token trading at an average price of $0.000000510 in 2030.

Price Prediction’s EverGrow crypto price prediction on 2 September 2022 saw the token trading at an average price of $0.00000065 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. 

FAQs

Is EverGrow a good investment?

According to CoinMarketCap, EGC was the 4,302nd-largest cryptocurrency with a fully diluted market cap of over $92m, as of 19 October 2022. 

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. Never invest money that you cannot afford to lose, especially in high-risk assets like cryptocurrencies.

Will EverGrow go up?

In its prediction for 2030, DigitalCoinPrice said the token could trade at an average price of $0.000000510 in 2030.

Note that algorithm-based price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research.

How many EverGrow coins are there?

EGC had an initial max 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.

Should I invest in EverGrow?

According to CoinMarketCap, EGC was the 4,302nd-largest cryptocurrency with a fully-diluted market cap of over $92m, as of 19 October 2022. EGC has lost nearly 90% year-to-date in 2022.

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.

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