Shiba Inu is the latest meme-crypto to go viral and despite being down almost 60% from it’s all-time high, the market cap still stands at an eye-watering $20 billion, making it the 12th biggest crypto in the world by valuation. A $100 investment at launch would be worth over $2 million today!
Many are no doubt kicking themselves for missing out on such gains, but the reality is that a bet on Shiba Inu was a pure gamble. Shiba’s run was a combination of some very smart marketing and a whole lot of hype, that led droves of investors, with FOMO (fear of missing out) to pile into the meme-coin. Even the name itself, which was a homage to Elon Musk backed Dogecoin, was all part of the design.
In reality, Shiba Inu offers no tangible utility or value, with seemingly little effort to do so in the future. Being on the Ethereum blockchain, there would’ve been plenty of opportunity for development had the team behind Shiba Inu been motivated to do so.
There are, however, several cryptocurrencies that are working to rise above the pack, and back their popularity with real utility and fundamental value. Just 10 weeks ago, EverGrow Coin ($EGC) was launched by a team of experienced finance, blockchain and marketing experts. One ground-breaking element of their project is the fact the token pays a stable currency to holders. In the short time since launch, holders of EverGrow Coin have received over $30 million of binance-pegged USD rewards – a stable, regulated currency pegged 1-to-1 with the USD. The project currently has 110,000 holders according to BSCScan.
With their revolutionary contract, EverGrow Coin quickly grew to over $1 billion in market-cap, but then a major data error on CoinMarketCap, just weeks into the launch, caused mass panic amongst investors. With such a new project, trust can take time to build, and this panic was exploited by a series of articles, rumoured to have been paid for by rivals of the project, using the incorrect data to try to draw EverGrow investors away from the project. Over the next month, the errors remained unfixed, and EverGrow sunk to below $300 million in valuation.
Yesterday, CoinMarket Cap placed an alert on EverGrow’s page, confirming that the data error had been fixed. The price has now stabilised, and signs of returning confidence saw an increase of 22% from the recent lows. However, EverGrow still remains well below the highs achieved before this error.
EverGrow is very different from Shiba Inu. In addition to the obvious benefits of USD rewards, the team behind the project have already launched a SWAP dApp on their website, have recently revealed the upcoming release of a Crypto Wallet, promising to surpass the features offered by Trust Wallet or Safemoon Wallet, and have a whole suite of utilities, from content creation platform to NFT Market Place & Lending, designed to bring continuous value to investors.
Is EverGrow Coin the next Shiba Inu?
With Shiba Inu, offering little to no utility, valued at around 66 times that of EverGrow Coin, there is a clear argument for an innovative and ground-breaking project like EverGrow to see some serious upside from their current low market cap. If the team continues to impress the crypto community with their innovation and transparency and can shake off the fear spread among investors by the CoinMarketCap errors, there is a good chance EverGrow Coin could be one of the top cryptos to invest in for 2022.