Burning Shiba Inu tokens is one of the SHIB Army’s main concerns in order to increase the price of the meme coin. Remarkably, the SHIB burn rate has surged since early March, with one player standing out: the Koyo Token project.
The Koyo Token is a decentralized finance project (DeFi) based on the Ethereum blockchain that aims to provide a platform where users can access various financial services, including lending, borrowing, and staking, in a decentralized manner.
The platform’s native cryptocurrency is the Koyo token. This serves as a payment method for accessing the various financial services on the platform. According to CoinMarketCap, the token is ranked #3180 and has a market cap of just $8.4 million.
Nevertheless, the project has burned a whopping 4.631 billion Shiba Inu tokens, roughly $50,000, in the last 10 days, contributing much of SHIB’s destruction in the last two weeks. The amount has even sparked debate over whether the numbers are actually accurate.
However, Shibburn, Shiba Inu’s dedicated burn tracker, recently confirmed the numbers. Shiba Inu tokens were burned through the burn portal. The proof of the burned tokens is the amount of burntSHIB tokens that can be attributed to the KoyoToken address.
The largest SHIB burn by the Koyo Token project occurred on March 17, with 924 million Shiba Inu burned in a single transaction. The next largest transactions to the burn address were 451 million SHIB on March 14 and 591.9 million SHIB on March 12.
Shiba Inu chief developer Shytoshi Kusama recently showed his excitement on Twitter.
Woof!
— Shytoshi Kusama™ (@ShytoshiKusama) March 17, 2023
Further Billions Of Shiba Inu Tokens To Be Burned By Koyo
And the SHIB burns of the last few days might just be the beginning. The founder of the Koyo project, Kintaro, already wrote on Friday via Twitter that the over 4.6 billion SHB burns of Koyo tokens in 8 days are just the beginning. “But let it be known, this is but a drop in the ocean. #KoyArmy are being prepared. For revelation will soon reveal all,” Kintaro stated.
偉大さは皆さんにあります
Greatness is upon you allTo our frens #Shibarmy we present more $SHIB burns
Over 4.6B $SHB burns from @koyotoken in 8 days
But let it be known, this is but a drop in the ocean#KoyArmy are being prepared
For revelation will soon reveal all pic.twitter.com/FjrTIOQPQ8
— Kintaro (@KintaroStrength) March 17, 2023
The motives for the SHIB Burns are currently unknown – it is also possible that it is just a marketing campaign for the still young project. A press inquiry from Bitcoinist has not yet been answered by the editorial deadline.
Remarkably, Kintaro revealed on March 14 that Koyo will be based exclusively on Shibarium. “In respect we WOOF & in turn we ROAR! We were born, not made to become the most loyal & trusted of alliances to the @Shibtoken #ShibArmy. Our first revelation, we pledge to exclusively build on Shibarium, a utility platform fit for the biggest of armies,” Kintaro wrote.
At press time, the SHIB price had not received a boost from the burns and stood at $0.00001076. After being rejected at the 200-day Exponential Moving Average (EMA) on March 14, the price is now also struggling to rise above the 50-day EMA.
Featured image from BW Businessworld, chart from TradingView.com.
Source: https://bitcoinist.com/billions-shiba-inu-shib-will-be-burned-project/