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’s value wasn’t tracked on exchange site CoinMarketCap yesterday, October 28, but it’s become available this morning.
We explain what you need to know about EverGrowCredit: EverGrow
It’s currently sitting at a value of $0.000001379, according to CoinMarketCap.
You should 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 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 up by 345% over the past seven days, according to CoinGecko.
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.
Shuan Heng, vice president of operations at CoinMarketCap, told The Sun that EverGrow Coin was an “untracked listing” on its site on October 28.
It means that although the crypto was listed, there was no market data available.
He added: “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.”
Sam Kelly, chairman of EverGrow Coin, told The Sun: “At EverGrow Coin we absolutely align with those urging caution around any kind of investment.
“When we launched EverGrow Coin we did so on the basis that we would be led by a solid business plan, and utilities designed to bring fundamental value to the project and ultimately our investors.
“We agree that there are too many projects out there with little to no fundamental value, and we believe that our growth has been a result of investors recognising the difference in our approach.
“We would always urge anyone considering a new investment to do their own due diligence and consider all the risks attached to investing.”
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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