Moving forward, we’ll first make sure you all know what EnerGreen is. Of course, we’ll also explain the main purpose and tokenomics of the EGRN token. It will be sort of a basic fundamental analysis (FA) – exploring the project’s website, socials, whitepaper, etc.
Next, we will take a closer look at EnerGreen’s price action. By considering the path that the price of the EGRN token has drawn so far, we can determine major levels of support and resistance, which is where our technical analysis (TA) will come in handy.
However, as you may know, both FA and TA have their limitations. FA is often heavily based on the information provided by the project itself. Since projects can place all sorts of claims on their websites and on their yellow/white pages, this type of info must be taken with a grain of salt. As for the TA, using it to predict future moves for new tokens is highly speculative.
With that in mind, you obviously need another type of insight to increase your chances of successful trades/investments. Fortunately, there’s also real-time, on-chain data, which you can access in a user-friendly manner with Moralis Money!
What is EnerGreen and the EGRN Token?
EnerGreen is a new Turkish crypto project that launched the EGRN token backed by a power plant. As you can see in the above screenshot, the project’s official website claims that this is the first token with that kind of backing. While $EGRN has been traded since May 2023, the project’s complete beginnings (ideation phase and team formation) date back to 2021.
Since that time, the project has been dealing with web development, legal team formation, private sales (rounds one and two), initiation and finalization of legal procedures, smart contract development, marketing and communication strategy development, etc.
After taking a closer look at the project, currently, there’s only one power plant involved: Konya Selçuklu Solar Power Plant. You can read more about this particular powerplant on the “energreen.io/our-projects” page. However, EnerGreen’s ambitions are to onboard other power plants. The project’s goal is to get as many other existing renewable energy power stations as well as to fund new ones.
The core advantages of the project (as presented by the project’s core team) are as follows:
- A crypto token backed by real assets (operational power plants).
- The focus is on renewable energy power plants, hence, the “EnerGreen” name.
- Token holders can stake EGRN and earn 12% APY.
- The project claims to only include facilities insured against all types of natural disasters.
- Additional monthly benefits.
- The project guarantees benefits from day one and provides proof of investment.
- Non-custodial – EGRN is built on the Ethereum network. Therefore, you can keep your tokens in MetaMask or any Ethereum-supported wallet.
- The project ensures that every phase of the investment cycle, including production, deployment, staking, and additional benefits sharing, will be completely transparent via blockchain data.
- By investing in EnerGreen, you also contribute to solving the climate challenges.
Is the EnerGreen Team Doxxed?
Unlike other projects like meme coin projects, where token creators typically hide behind their Twitter accounts or are completely anonymous, in crypto projects with tangible uses case, the team is usually doxxed. That is the case with EnerGreen.
The project offers a dedicated “Team” section both on the official website as well as in the project’s whitepaper. These sections provide core team members’ photos and links to their LinkedIn accounts.
Note: Feel free to explore the above-presented team members in more detail. After all, while the team seems doxxed, many crypto projects provide fake images and links to “dummy” LinkedIn accounts.
EGRN Token – Exploring Its Use Case
The core idea of the EGRN token is that it allows investors to take part in this project that incentivizes investing in green energy. By purchasing the EGRN tokens, everyone can get a share of the recurring revenue that the project’s renewable power plants generate. To be eligible for this revenue sharing, investors must stake EGRN.
In return, they are promised 20% APY for the first six months following the initial public offering, which took place in May 2023. Once this six-month period passes, the APY is set to be 12%. Moreover, the project’s whitepaper states that additional benefits from their facilities are shared between EGRN stakers every month. The reward amounts depend on the amount of staked tokens (see the image below).
EGRN Tokenomics
The EGRN token ($EGRN) is a fungible cryptocurrency on the Ethereum chain and is an ERC-20 token. EGRN was minted (created) on May 22, 2023, with a total supply of 200,000,000, which you can confirm on Etherscan:
However, at the token generation event (TGE), only 3,155,039 $EGRN went into circulation at an initial market cap of $1,577,519. If you take the initial market cap and divide it by the initial supply, you should get $0.5. The latter was the price per one EGRN at the time of listing on exchanges.
When it comes to token distribution, we need to turn to the project’s website or whitepaper. There, you can find the following chart:
If you wish to learn more about the vesting periods, make sure to dive into EnerGreen’s whitepaper.
EGRN Token Price Action
As mentioned above, before the token went live and started to trade, it went through two rounds of private sales. The team sold the first 700,787 tokens at $0.35 and the second batch of 800,000 at $0.40. But the token’s IDO, as well as the exchange listing, took place on May 25, 2023.
We typically prefer to show the token’s chart from the popular DEXs (e.g., Uniswap); however, the trading volume for the EGRN token on Uniswap is extremely low. As such, the image below represents EGRN’s price action on BitCi TR.
According to this chart, as well as the one from the Uniswap trading pair, $EGRN started above $1 (and not at $0.5). The above chart uses the four-hour timeframe; however, if you select lower timeframes, you can see that the initial spike took place within the first 30 minutes of trading. In that time, EGRN reached as high as $6 on BitCi TR. But the price was at those higher levels only instantaneously. Most of the trading took place between $1.26-ish and $1.39-ish.
The aforementioned value at the bottom of that trading range acted as support, and $EGRN was on a steady rise from May 29 until June 21, when it topped at $2.199. Since then, the token has been ranging sideways between $1.96-ish and $2.1-ish, dipping as low as $1.8233. The recovery from that dip was fast, which shows some strength. So, for now, the four-hour support at approximately $1.9675 continues to hold.
If this level continues to hold, $EGRN could continue its climb. However, with a low trading volume, the price could easily go down for a retest of the support at $1.85-ish.
Should I Buy the EnerGreen Crypto?
With the above information and the knowledge of where to dive deeper into it, you should be able to determine if EnerGreen deserves your attention. If you believe that the project has good potential and that the price of the token ought to increase, you might even consider staking EGRN for that 20% and then 12% APY.
However, before you enter any position, even a short-term trade, you need to consider real-time, on-chain data. Why? Well, on-chain activity always precedes price action!
So, by looking at proper on-chain metrics, you get to determine whether the token in question – $EGRN in this case – is gaining or losing momentum. For instance, if the token is gaining new buyers over time, it is a good sign that the price will most likely move to the upside. On the other hand, if there are fewer net experienced buyers over time, the on-chain traction is obviously decreasing, and the price will move to the downside.
Essentially, on-chain insights allow you to monitor the basics of “pampamentals” – the relationship between buyers and sellers. Basically, if there are more buyers than sellers, then the price must move to the upside. Of course, the same is true in the opposite direction.
Parsed, Real-Time, On-Chain Data at Your Fingertips with Moralis Money
Until 2023, you had to either find a way to sift through on-chain data or learn to use one of the highly complicated and overwhelming on-chain tools. The first option demanded special skills and a ton of time, which most folks don’t have. The second one usually caused information overload and led to analysis paralysis.
However, at the beginning of 2023, a team of seasoned altcoin traders and industry-leading Web3 developers released Moralis Money. With this ultimate on-chain analysis tool combining simplicity and power, you can finally benefit from on-chain insights. Plus, you can do so without any special skills, without investing a lot of time, and without any information overload!
When it comes to individual tokens, just like $EGRN, Moralis Money offers you designated token pages. These pages allow you to explore on-chain details for the token in question. In addition, these are also the places where you can find other useful insights, such as links to the projects’ websites, socials, price charts, bubble maps, smart contract checks, and more. As such, the Moralis Money token pages are the place for DYOR.
So, use Moralis Money’s search feature and paste the EGRN token’s contract address into the search field. Or, simply use the interactive widget below access the EnerGreen ($EGRN) token page!
Beyond the EGRN Token
Moralis Money’s primary function is to spot the best altcoin opportunities at any given time. As such, make sure to use the following tips and start finding altcoins similar to EGRN with that 10x, 50x, 100x, or even higher potential!
- Tip #1: Generate your first dynamic list of altcoins with potential by selecting one of Moralis Money’s preset filters:
- Tip #2: Experiment with different combinations of Token Explorer metrics, their values, and timeframes – they are the key to running unique queries:
- Tip #3: Different Token Explorer metrics have a different purpose:
- Do you want to focus on newly minted altcoins? If so, apply the Coin Age metric.
- Is your goal to target more seasoned alts or the ones with specific market caps? Then use the Market Cap metric.
- Filter out tokens that are gaining/losing the on-chain moment with Buyers, Experienced Buyers, Experienced Net Buyers, etc.
- To only view tokens that match your risk tolerance, apply the Security Score metric.
- Tip #4: Click on “Save Query” once you find winning filter combos and start running them on autopilot:
- Tip #5: Research individual alts with potential before entering your trades/investments:
- Tip #6: Explore altcoin opportunities across multiple chains. Moralis Money supports Ethereum, BNB Chain, Polygon, Arbitrum, Fantom, and others.
- Tips #7: Don’t forget to collect and utilize Moralis Money Beans!
Apply these tips now and finally make the most out of altcoin opportunities! Visit the Moralis Money homepage and get going, or use the interactive widget below.
Should You Buy the EnerGreen Crypto? On-Chain Price Analysis for the EGRN Token – Summary
Throughout the above sections, you learned everything you need to know to determine whether the EGRN token should be explored further. If yes, you now know how to determine whether or not you should buy the EnerGreen crypto. If not, you know how to use Moralis Money’s primary function to spot other altcoin opportunities. You also know how to use the Moralis Money token pages to research individual altcoins before entering a trade.
So, start using the ultimate on-chain analytics tool today and make the most out of the upcoming bull market!
