Shiba Inu burn rate increases with Koyo offering to burn 50% of profits
One of the SHIB Army’s primary goals is to raise the meme coin’s price, including burning Shiba Inu tokens. The SHIB burn rate has increased since the beginning of March, with the Koyo Token project being a key contributor.
Koyo to invest its earnings in Shiba Inu
The Koyo token, which acts as a form of payment on the network, is the native crypto of the system. Also getting attention right now is the Koyo project, particularly for its SHIB burns.
Roughly 4.6 billion SHIB worth of Koyo tokens, or nearly $50,000, have been burned in the past eight days. However, this seems like it is just the beginning, according to Kintaro, the project’s founder, in a tweet on March 17.
Moreover, Koyo consumed another 733 million SHIB on March 21. In comparison, only 25 million SHIB were burned by other entities in the last 24 hours, as approximately 758.95 million Shiba Inu were sent to a dead address on that date in total.
Koyo’s address continues to hold 311.68 billion SHIB, equivalent to approximately $3.4 million, according to Etherscan. With this, Koyo might substantially contribute to the resurgence of SHIB burns. Kintano, the creator of Koyo, made a clue about this via Twitter.
Throughout February, just 352.21 million SHIB were burned in 128 distinct transactions using community-led burn programs. In contrast with the prior month of January, this constituted a dramatic decline – around 1.12 billion were burned in 223 transactions.
Before February, the burn numbers were substantially better as in December 2022, 2.072 billion SHIB were burned in 349 transactions, 1.922 billion SHIB were destroyed in 381 transactions, and 9.05 billion SHIB were burned in 2,433 transactions.