What is EverGrow Coin? Cryptocurrency investors warned over risks of coins
INVESTORS are being warned about the risks of new cryptocurrencies, as the EverGrow crypto coin is one of the latest to join the market.
The EverGrow Coin is so new its value isn't yet tracked by major crypto exchangesites including CoinMarketCap and Coinbase.
This could mean it's extra important to be careful, as it's difficult to know whether it's legitimate.
You should also keep in mind that investing in any cryptocurrency isn't a guaranteed way to make money, and you could lose all the cash you put in.
In other words, make sure not to invest more than you can afford to lose.
Cryptocurrencies can be complex and highly volatile, so make sure you know what you're getting into as values can make large swings with no notice.
Newer cryptocurrencies are also riskier than more established ones, such as Bitcoin, and make you more vulnerable to scams.
Plus, there's scant regulation for crypto firms so you won't be protected if things go wrong.
What is EverGrow?
EverGrow Coin (EGC) is said to be a deflationary token designed to become more scarce over time, similar to Bitcoin.
It launched in September 2021.
According to its website, all holders of EGC will earn an 8% reward for every transaction in Binance pegged US dollars.
Meanwhile, 3% is sent to its so-called BuyBack wallet and 2% is transferred into the liquidity pool for Pancakeswap.
Why is EverGrow getting attention?
The value of EverGrow is currently sitting at $0.00000132 – up by 42% over the past 24 hours, according to CoinGecko.
It's said to be up by 345% over the past seven days.
EverGrow is getting attention from investors following recent claims by the crypto and by building hype on social media.
Yesterday, October 28, EverGrow Coin claimed to have 40,000 holders and to have paid $7million to them.
According to its website, EverGrow Coin plans to list on CoinMarketCap in October 2021 – but it's not yet specified a date.
Shuan Heng, vice president of operations at CoinMarketCap, told The Sun: "At Coinmarketcap, whether or not we list a cryptocurrency doesn't mean that we do or don't recommend buying it.
"However, we have due diligence requirements to make sure the data we are listing is accurate and verifiable."
Antony Portno, founder of Traders of Crypto, added to The Sun: “Any coin that builds a hype on social media can see huge appreciation in price.
“It is important to approach any coin or investment with caution as the price can fluctuate on a day by day basis.
"The value of coins doesn’t always increase and you could be left with less money than when you started, EverGrow is no different.”
While Rob Morgan, investment analyst at Charles Stanley Direct, said: "Cryptocurrencies (such as Bitcoin or EverGrow) have piqued the interest of many investors.
"But be under no illusion, this is a very risky place to put your money."
"Though it’s easy to be tempted to buy an asset that has performed incredibly strongly, there are several reasons why Bitcoin and other cryptocurrencies should be treated with extreme caution."
In other crypto news, the value of Shiba Inu has soared recently, leading some to wonder whether it's a safe investment.
The Sun has spoke to experts to find out what lies ahead – and what Shiba Inu could be worth by the end of 2021 and beyond.
Plus, check out four things you need to know about Dogecoin.
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