Both Shiba Inu and EverGrow Coin aim to use coin burning to get there. We already know that the Shiba Inu had its price shot between January and May of last year, but can it do the same in 2022? The long-term goal for Shiba Inu investors is to go from a current price of $0.00002086 to $1. A $1 Shiba Inu is probably a long way off, which is why $0.001 is already considered an important milestone to reach through the coin burn mechanism.
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On the other hand, EverGrow Coin is a crypto newcomer that was launched in September of last year with all the benefits of Shiba Inu style coin burning built in. EverGrow Coin is priced to allow it to aspire to reach the value of $0.001 before the Shiba Inu. We already know that EverGrow Coin is preparing to burn 2.5 billion coins per month. Speaking of burning cryptocurrencies we mean a process of sending crypto tokens to a dead or burned wallet which permanently removes them from the circulating supply. As with any commodity, a rapid decrease in supply causes a rapid increase in price.
EverGrow Coin has already burned 52.87% of its supply, a percentage that is well above the Shiba Inu consumption rate of 42.03%. Because the EverGrow Coin burning mechanism is built into the transaction tax. Shiba Inu projects come together to burn more Shiba Inu. The key feature that made Shiba Inu also complicates Shiba Inu coin burns is that Shiba Inu is decentralized. Although there are official websites and Twitter accounts, there is no entity that directs the Shiba Inu roadmap.
Real-time chart of EverGrow Coin EGC EGCUSD cryptocurrency quotes within a week
Trying to pin down whether Shiba Inu or EverGrow Coin is more likely to reach the value mentioned above, we come face to face with the main disadvantage of Shiba Inu coin burns is that they are really expensive. It would cost more than 100 million dollars to burn 1% of the Shiba Inu chips. While it would only cost $2 million to burn 1% of EverGrow Coin tokens. The latter does not yet have the popularity of the Shiba Inu to warrant continued demand. The Shiba Inu’s challenge is to encourage both investment and for investors to burn, that is, destroy, part of their own investment. EverGrow Coin’s challenge is to get the word out to more investors while staying true to its core values and transparency.