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…