Launched in September 2021, EverGrow Coin is a deflationary token that is supposed to increase its value as it becomes scarcer over time. Users can earn rewards with every transaction they make on the platform. Aiming to create a beginner-friendly ecosystem, EverGrow Coin allows users to seamlessly transition from traditional currencies to cryptocurrency. In this article, we will determine whether this cryptocurrency is dead in the market, as there are no recent reports of any market activity.
EverGrow Coin Price Today
According to reports, the last known activity of EverGrow Coin was that it was trading at $0.000000006, with a 24-hour trading volume of $6.31K, while the market cap was valued at $8.62 million, implying that the coin could have shut down. As the coin is a deflationary token, the supply could have completely gone to zero, or the token could have failed altogether. For more market details, see Coinbase.
According to the Blockworks website, EGC nearly dropped 70%, significantly falling from its all-time high due to a crypto winter. The token transfers decreased significantly, resulting in a downward trend, despite the launch of its related LunaSky NFT marketplace and LUCRO token. The token faced several challenges, making it a high-risk investment.
Reasons that Could Have Contributed to EverGrow Coin’s Shutdown
Based on available information, these factors could have contributed to its declining performance.
Crypto Winter of 2022: EGC lost over 90% of its overall value in 2022 during a broader cryptocurrency market downturn.
Declining Token Transfers: After reaching an all-time high on November 1, 2021, the token transfers of EGC decreased significantly, which reflected on its price.
CEX Delisting: In 2022, EverGrow officially announced it would delist EGC from all centralized exchanges (CEX), as founder Kelly believed that their platform was enough to fill that void.
The news of its official shutdown is yet to be made; however, there is no official news of its trading activity in the cryptocurrency market. Community updates are available on Cedar DAO Reddit and Cedar DAO Telegram.
Additional Contributions by EverGrow
EverGrow Coin has significantly contributed to the cryptocurrency market. Its major contributions included officially launching a specific marketplace for NFTs called LunaSky, a social media platform called Crator, a crypto wallet, a decentralized exchange, and a metaverse ecosystem.
Final Thoughts: Is $EGC Dead?
EverGrow Coin is a deflationary token that was launched in 2021. Although it gained momentum during its initial release, during the 2022 crypto winter, EverGrow Coin lost over 90% of its overall value, as its token transfers significantly decreased and it was delisted from all major CEXs.
Although there is no official news of its shutdown, the coin is nowhere to be seen trading. The last known activity of the coin suggested the coin was trading at $0.000000006, with a 24-hour trading volume of $6.31K, while the market cap was valued at $8.62 million. As the coin was a deflationary token, the supply could have been completely emptied, or the project could have failed altogether due to its declining performance in the market.
For such reasons, investors are warned to do the required diligence before investing in the cryptocurrency market, as it is highly volatile and could cause financial damage if not dealt with properly.
