What is EverGrow Coin and why is it crashing?

June 24, 2022 05:48 PM AEST | By Raza Naqvi

What is EverGrow Coin?

As per the official website, EverGrow claimed that it is developing a new ecosystem of utilities, all intended to increase token volume and, consequently, all holders' passive income.

EverGrow mentioned in its whitepaper that its ecosystem will comprise a special collection of programmes that may independently produce income from diverse endeavours, including buying and selling NFTs, playing games, and using other utilities.

The protocol mentioned that the BuyBack & Burn scheme from EverGrow will be funded entirely by the utilities' net earnings. EverGrow Coin claims that it has delivered over US$ 37 million to the holders through a passive income scheme and the EGC crypto is among the top stable-coin rewards crypto token in the world.

EverGrow intends to revolutionize the passive income Web3 movement and rank among the top 20 crypto projects. Over 100k users follow and join EverGrow on social media, and the company has over 138k holders in 150 different countries.

As the price of the EGC token continues to decline, Sam Kelly, the chairman of EverGrow Coin had to issue a statement via Twitter as crypto enthusiasts criticized the token on social media.

Mr Kelly said that he represents EverGrow Coin, and in many ways, it has been challenging as he went from being one of the most dependable figures in European finance to being repeatedly attacked by social media users who refer to him as "Scammy Sammy."

The chairman said that the network is not responsible for the network crash and will continue to work towards its goals and ensure that it remains a transparent protocol for the users.

Bottom line

The crypto market continues to experience mixed sentiments as after declining on Thursday, the market witnessed prices of some of the major cryptocurrencies surge on Friday morning.

The global crypto market cap increased by around two per cent in the last 24 hours to US$ 926.37 billion. The price of Bitcoin was up by 2.1 per cent, and ETH was up by 4.8 per cent at 3 AM EST.

Also Read: CEL crypto soars 130%: What's latest on Celsius's paused withdrawals?

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