Is The EverGrow Coin A Scam With 20,000 HODLers Now Victims?

Everywhere we turn, someone’s trying to rob a bank.

Is Evergrow the latest man in a black hat?

Just over a decade since the minting of Bitcoin, it has exploded into a multi-trillion-dollar industry. Bitcoin has a market cap of over $81 billion, with a record high of 1.03 trillion on Nov 26, 2021.

And with that, everyone is running into this latest gold rush looking for the big nugget.

These wide-eyed optimists have become easy prey, and there are plenty trying to take advantage and scam unsuspecting investors.

In the recent past, there have been high-profile projects like OneCoin and BitConnect, which saw investors lose billions of their hard-earned money.

From these painful lessons, investors are skittish and more cautious. Even still, this isn’t preventing scheming developers from rolling up their sleeves and throwing the dice one more time.

There are always new suckers.

The good news is, the community is on the watch. This time, the lights are on EverGrow, and there are concerns that the project might be another scam.

Could this be true?

What is EverGrow?

Before passing judgment, we must first understand what EverGrow is and whether it fits the bill as a scheming project hell-bent on staining crypto as a Ponzi Scheme haven.

EverGrow is based on the Binance Smart Chain (BSC). Central to the project is its EGC token compliant with the BEP-20 standard, drawing inspiration from successful meme coins like SHIB.

This coin uses a deflationary mechanism. Accordingly, the EGC coin will be scarcer over time, inherently supporting its price. There are various strategies to implement this.

For instance, there is a buyback and burn plan. Two percent in EGC is collected from every transaction and automatically converted into BNB at spot rates. Additionally, they aim to launch a series of utilities and platforms that independently generate revenue. Funds will be used to supplement their buyback and burn strategy.

Additionally, the promise by the EverGrow project that all EGC token holders are eligible to earn an eight percent reward denominated in BUSD—a stablecoin—as passive income sent automatically to their wallet from every buy, sell, or transfer transaction that is drawing thousands of users.

Why EverGrow Stands Out

EverGrow distinguishes itself from other projects by rewarding its users with BUSD as a reflection token and perpetually maximizing earnings “now and in the future.”

Since the goal is to benefit its community, there is an anti-whale mechanism to ensure that no one entity or individual purchases 0.125 percent of the EGC total supply.

Although this won’t prevent whales from selling, existing limits prevent price manipulation and block sell-offs.

That’s a good thing.

Additionally, EverGrow uses one percent of the fourteen percent fee charged on all transfers to their marketing fund to keep the loop going. In Q1 2022, EverGrow will launch the CRATOR—a Content Subscription Platform integrating fiat and crypto as payment options–, an NFT marketplace, a staking pool, and other exciting offers.

Cycling back to usage, BSC Scan reveals over 117k EGC token holders. There were over 40k holders by early November, and more than $7 million had been paid in BUSD rewards. Additionally, EverGrow has been stepping up its marketing campaign and featured in authority platforms like Yahoo, Bloomberg, and others.

Based on a Solid Business Plan

EverGrow is functional.

Already, its smart contracts have been audited by TechRate and Solidity Finance. There have been no hacks or attempted rug pulls by late December 2021.

However, there were concerns about the rapidly fluctuating EGC token price. In early November, EGC prices tanked, moving in sync with the entire crypto market.

Critics accused the project of aggressive promotion on social media.

Still, this should be expected since digital assets are volatile, and risks are amplified, especially in altcoins like EGC.

Sam Kelly, the chairman of EverGrow, told the Sun that EverGrow was being led by a solid business plan and utilities to bring “fundamental value” to the project and, ultimately, their investors.

Are EverGrow Methods Sustainable?

EverGrow presents a shiny solution where token holders can earn above-market rate interest as passive income, paid in BUSD. Nonetheless, their style is only attractive to aggressive (but sometimes gullible) retail investors desirous (and blinded) by unusually high yields.

To critics, EverGrow’s methods are sustainable despite what the project’s creators have lined up in the months ahead—an NFT marketplace, a blockchain game, CRATOR, and other platforms.

This is why some think the project is a scam.

For now, there are no major red flags or security flaws to throw the project’s operations in disarray. Even still, while EverGrow promises a high yield, risk-averse traders/investors may choose other options to grow and secure their financial base.

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