Billions Of Shiba Inu Tokens Will Be Burned By This Project

Shiba Inu, the popular cryptocurrency, is about to see billions of its tokens being burned by a new project. This move could have a significant impact on the value of the remaining tokens, as it will reduce their overall supply. The project aims to create a more streamlined and efficient blockchain system, and this burn is one of the significant steps towards achieving that goal. Investors and enthusiasts alike are eagerly awaiting the results of this bold move, which could benefit them in the long term. Stay tuned for updates as the project progresses and the tokens continue to burn.

Koyo Token Project Burns Over 4.6 Billion Shiba Inu Tokens in 10 Days

The SHIB Army, the fan base of the meme coin Shiba Inu, aims to increase the price of the digital asset. One of their strategies is burning Shiba Inu tokens. The burn rate has surged recently, with the Koyo Token project leading the charge.

The Koyo Token is a decentralized finance project (DeFi) based on the Ethereum blockchain. It offers various financial services such as lending, borrowing, and staking in a decentralized manner. The platform’s cryptocurrency is the Koyo token, which serves as a payment method for accessing the platform’s financial services. The token is ranked #3180 on CoinMarketCap, with a market cap of $8.4 million.

In just ten days, the Koyo Token project has burned a staggering 4.631 billion Shiba Inu tokens worth approximately $50,000. The amount of the burns has even raised some questions and sparked debates about their accuracy. Despite these questions, Shibburn, Shiba Inu’s dedicated burn tracker, recently confirmed the numbers. The tokens were burned through the burn portal, and the proof of the burned tokens is the amount of burntSHIB tokens that can be attributed to the KoyoToken address.

The largest burn by the Koyo Token project occurred on March 17, with the burning of 924 million Shiba Inu tokens in a single transaction. The next significant transactions to the burn address were 451 million SHIB on March 14 and 591.9 million SHIB on March 12.

Interestingly, Kintaro, the founder of the Koyo project, tweeted that the over 4.6 billion SHB burns of Koyo tokens in eight 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.

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. Kintaro revealed on March 14 that Koyo would be based exclusively on Shibarium, stating, “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.”

Despite the significant number of SHIB tokens being burned, the SHIB price has not received any boost from the burns and is still at $0.00001076. The price is currently struggling to rise above the 50-day Exponential Moving Average (EMA) after being rejected at the 200-day EMA on March 14.

Overall, the Koyo Token project’s contribution to the SHIB burning has been significant recently, and the company’s plans seem to indicate that they are far from finished.

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