The Evergrow Coin is up by almost a percentage point in today’s trading session. The bullish trend is a continuation of the past 7 days, which have been relatively bullish and have seen Evergrow rise by 4 per cent.
What is an Evergrow Coin?
Deflationary cryptocurrencies have continued to gain traction, with many projects investing heavily in the concept. One of these cryptocurrency projects is the Evergrow coin, which boasts of being one of the largest in the deflationary niche of the industry.
At its core, deflationary cryptocurrencies aim to increase in value over time. This is achieved by reducing the amount of supply in the markets. The idea behind the reduction of tokens in circulation is that if demand remains the same, then a reduced supply results in an uptick in prices. However, price increases for tokens are not always guaranteed, as we will see when looking at Evergrow Coin’s past performance.
One of the reasons why Evergrow Coin has continued to gain traction in comparison with other deflationary tokens is the 8 per cent reward that holders earn from every buy, transfer, or sell transaction. This gives many users an incentive to invest in the projects due to their earning potential.
Evergrow Price Prediction
Despite being a deflationary cryptocurrency, the Evergrow Coin price has been going down throughout the year. For instance, since hitting its all-time high on November 1, 2021, the Evergrow coin is down by 95 per cent. The drop is also looking highly likely to continue due to the current aggressive bear market in the cryptocurrency industry.
Therefore, my Evergrow price prediction expects it to continue dropping. Despite it not being listed on many exchanges, there is a high chance that we might see the Evergrow price approaching its all-time price low of $0.00000005841 in the next few trading sessions.