Shiba Inu’s (SHIB) burn rate has spiked by an eye-opening 8747.47%. According to Shibburn, SHIB’s burn tracker, most of the tokens were burned by Koyo Token (KOY). With 733 million tokens decimated, Koyo Token’s latest burn is the largest SHIB burn this week. The value of the 733 million tokens is about $8000.
Moreover, this is not the first time Koyo token has taken the initiative of burning a large number of SHIB tokens. On March 17th, the entity was responsible for burning nearly 924 million SHIB. The burns led to a 10960% spike in Shiba Inu’s burn rate. The cost of the tokens decimated is almost $10,000.
What is Koyo Token, and why are they burning Shiba Inu?
Koyo Token (KOY) went live only on ShibaSwap on March 9, 2023. At the time of its introduction, the Telegram channel only had a few users and one anonymous admin. After the launch, the telegram quickly reached the hundreds, including more than 50 Shiba Inu OGs, both past and present.
The KOY contract has burned 4.6 billion SHIB in just 8 days, with the largest burn in a single transaction coming in at just under 1 billion SHIB. The KOY contract automated 2% of the 5% buy and sale tax for ongoing SHIB burns through the burn gateway.
Moreover, Shiba Inu’s lead developer, Shytoshi Kusama follows both, Koyo Token and its founder, Kintaro. The high-profile list of people who have joined the KoyArmy telegram, including David Gokhshtein, Zach Humphries, YourPOP, Majestic Drama, Dom CEO of vEmpire, and Lucie Shiba Ambassador, has been interesting to observe.
By putting everything together, it is clear that Koyo is constructing one of the most substantial utility platforms exclusively on Shibarium. Instead of attempting to imitate Ryoshi or SHIB, as was the case with many previous “inu” ventures, Koyo has declared itself to be a dependable and devoted ally of the ShibArmy and its ecology. Nonetheless, people are eagerly waiting for Koyo’s hidden identity.
At press time, KOY was trading at $0.01505697, up by 5.2% in the last 24 hours. On the other hand, Shiba Inu was trading at $0.00001088, up by 2.4% in the last 24 hours.