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The crypto market is in an upswing today having put on $50 billion over the weekend into Monday, May 31.
The renewed faith was largely caused by the successful launching of the new Terra Luna crypto token. Its listing on major exchanges like KuCoin over the weekend followed by Binance on Monday has boosted cryptocurrencies across the board.
Some top cryptocurrencies like Cardano (ADA) are up over 25% within a day.
In other news the reflection token EverGrow Coin has shot past $37 million in BUSD rewards. Reflection tokens have suffered due to bad press after other cryptocurrencies turned out to be pump and dump schemes – but a huge push for transparency in EverGrow Coin has seen it continue to grow.
Below we will cover the crypto news highlights today.
Reflection tokens were among the breakout cryptocurrencies with tokens like SafeMoon seeing huge investor attention. EverGrow Coin launched in September as one of the first to pay reflections in a stablecoin – BUSD – rather than a native token.
The move has been a success with EverGrow Coin racing past $37 million in BUSD reflections last week, despite the crypto bear market.
EverGrow Coin finances BUSD reflections with a 14% tax on transactions and 8% of this destined for redistribution among investors. A further 2% of the tax is kept back for strategic buyback & burn. To date EverGrow Coin has burned nearly 53% of its initial supply making its buyback & burn mechanism one of the most successful in the industry.
To further boost its mission in becoming the top cryptocurrency for passive income EverGrow Coin will soon drop an NFT marketplace, a content subscription platform and an integration into The Abstract metaverse.
EverGrow Coin is trading at a price of $0.0000002465 and is up 2% in the past day.
Terra Luna saw its biggest listing today after going live with a LUNA/BUSD spot pair at 06:00 UTC today on the Binance exchange.
Binance is the biggest crypto exchange by trading volume in the world, and all eyes were on it after many other crypto exchanges listed the new Terra Luna over the weekend. Luna initially pumped to $18 before falling back down to $8.69.
Nevertheless Binance has Terra Luna as its top crypto gainer today with a 780% pump in price.
The exchange still carries a warning that Terra Luna is subject to 'high volatility' however this hasn't stopped thousands of new investors from buying up Terra Luna. There is currently a circulating supply of 210M Luna according to the airdrop. This gives Terra Luna a market cap of $1.7 billion – far below the $40 billion it enjoyed before the crypto collapse.
Many investors expect the Terra Luna to continue growing in price. Whatever happens, the launch so far seems to be successful and in part has caused renewed activity in the crypto market today.
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