Low crypto prices in July are having an unlikely upside – exploding burn rates in cryptocurrencies like Shiba Inu and EverGrow Coin.

Shiba Inu made history in May 2021 when Ethereum co-founder Vitalik Buterin burned 41.02% of the fixed SHIB supply. The Shiba Inu price jumped from $0.0000019 to $0.00003503 – i.e. 1,750% – in the space of 10 days. 

Later in 2021, Shiba Inu went on to an all-time high of $0.00008. With the Shiba Inu burn rate roughly the same in October as it was in May it means the coin burns helped Shiba Inu grow a whopping 4,110%. 

EverGrow Coin makes coin burning automatic 

EverGrow Coin launched in September last year with a built-in strategy to better the burn rate of Shiba Inu.

EverGrow Coin charges a 14% transaction tax from which 8% is distributed instantly as BUSD to all investors. A further 2% of this transaction tax is set aside for strategic coin burns. The transaction tax applies to all buy and sell orders. 

Since launching in only September last year, EverGrow Coin has burned through 53% of its initial supply. Meanwhile, in over 12 months, the Shiba Inu has increased marginally from 41.02% to 41.03%. 

You can audit the EverGrow Coin burns by looking at the top wallet on BSC Scan.

The Shiba Inu burn has increased only slightly because the underlying value of Shiba Inu has increased to make SHIB a top 20 cryptocurrency. Moving the burn rate to just 1% would cost $59 million. Furthermore, as a decentralised cryptocurrency, there is no automated burn mechanism for Shiba Inu.

EverGrow Coin will ramp up coin burns in 2022 as it prepares to launch its flagship utilities: the LunaSky NFT marketplace and the Crator content subscription platform. The profits of these utilities will be used 100% to buyback more EverGrow Coin and burn it from the supply.

Despite one of the most impressive roadmaps in crypto, EverGrow's market cap stands at just $60 million, 1/100th the size of Shiba. This makes EverGrow one of the best-kept secrets in crypto, with the potential to explode in the second half of 2022.

Shiba Inu coin burn rate explodes 231%

Nearly 200 million Shiba Inu tokens were sent to the SHIB burn wallet in 25 transactions on Sunday, July 10th. 

The transactions pumped the Shiba Inu burn rate up 231% over a 24-hour period. In the past week, close to 1 billion SHIB tokens have been burned from the supply with a value of over $18,000. 

In April, Shiba Inu coin burns were boosted by the ShibaSwap burning portal which removed 8 billion tokens within the first 24 hours of launch. While Shiba Inu coin burns have slowed down in the crypto crash, they are picking up again as the balance among the top 100 Shiba Inu whales has increased 18% since before prices started to fall.

The total number of Shiba Inu wallets has also crossed the 1.2 million mark despite suppressed prices.