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Dogecoin exploded an impressive 20% over the last 24 hours after Twitter CEO, Elon Musk, changed the platform logo to the famous Shiba Inu dog that represents the now infamous meme coin, Dogecoin.
Dogecoin is a decentralized digital currency that was created in 2013 by software engineers Billy Markus and Jackson Palmer as a playful response to the growing popularity of cryptocurrencies, particularly Bitcoin. It has become a favourite of Elon Musk, who is now credited with its popularity. At one time Dogecoin had a market cap of $88.9 billion, and sits at $13 billion today, still down 85% from its high, despite today's big rise.
Some analysts believe Elon Musk's influence will eventually see Dogecoin make a comeback to its all-time high, but others are skeptical. One token that is expected to compete with the title of "Comeback King of 2023" is EverGrow. Shortly after its launch in September 2021, EverGrow hit an all time high of $1.5 billion, but 2022 was not a good year for the project. A number of development issues, and other problems outside the team's control, saw the price drift, and it currently sits at a low of just $30 million.
The last few weeks have seen a bustle of activity from EverGrow, which despite its incredibly low market cap, remains a well funded and professionally run project. Just this week, EverGrow did an unprecedented token burning, burning $618,000 worth of tokens in one day. The project announced the burn on Twitter, which was the result of some incredibly astute business from their core team:
EverGrow is also due to release the much anticipated upgrade of its popular NFT Marketplace, LunaSky, within the coming weeks, and their game-changing crypto wallet, Atlas Wallet is already in beta testing on App Store. From a fundamentals point of view, EverGrow would appear to be the much more valuable project than the popular meme token Dogecoin.
Unlike Dogecoin, whose developers have the ability to endlessly mint new tokens, EverGrow is deflationary, meaning the supply constantly reduces. EverGrow is recognised as the leading deflationary token, and having turned a corner in 2023, many top analysts believe this token, rather than Dogecoin, could be the true Comeback King of 2023. For Dogecoin to reach it's all time high again would require a 575% increase from current levels, whereas for EverGrow to do the same would see holders see an eye-watering 4900% increase from the current value.
With such a low market cap, a leading team and impressive roadmap, EverGrow is our pick for the 'Comeback King of 2023'!
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