Discussions had emerged KoyoToken burning of Shiba Inu, as several proponents doubted reports that the recently-launched project had burnt that much SHIB.
Shibburn, Shiba Inu’s dedicated burn tracker, recently confirmed that KoyoToken – a recently-launched project – has burnt up to 4.6 billion Shiba Inu tokens in the past 10 days. Shibburn’s confirmation came on the heels of discussions that erupted on the matter, as several proponents became skeptical of the development.
Following reports that KoyoToken had embarked on an incineration campaign, certain members of the Shiba Inu community called to question the fact that the number of tokens reportedly burnt by the project does not reflect on the SHIB burn tracking mechanism.
Responding to these questions, Shibburn clarified that KoyoToken incinerated the tokens using the burn portal. Proof of the burnt tokens can be found in the amount of burntSHIB tokens the KoyoToken address holds.
burntShib gets minted 1:1 when burning $Shib using portal, not a tradable token but used to easily track the burns made within portal. Amount of burntSHIB holders is also amount of people that burnt using portal. It can be used for dapps/ contracts (eg. for rewards). Take it as a… https://t.co/Lcy3s12fnb
— Shibburn (@shibburn) March 19, 2023
burntSHIB is a token sent to addresses that burn Shiba Inu using the burn portal. The token is not tradable, and its sole purpose is to track the amount of Shiba Inu tokens incinerated by any given address. It has a 1:1 ratio to any SHIB token burnt. If an address burns 1 SHIB through the burn portal, it will automatically be awarded 1 burntSHIB.
Considering this, the KoyoToken address is observed to hold a massive 4.631 billion burntSHIB tokens as of press time. This automatically means the address has burnt 4.631 billion Shiba Inu through the burn portal. These tokens were incinerated in the past 10 days amid the project’s elaborate burn campaign.
The Crypto Basic previously highlighted this cluster of burn transactions carried out by KoyoToken on several occasions. The project incinerated up to 924 million Shiba Inu in a single transaction on March 17. They also burnt 451 million SHIB on March 14 and 591.9 million SHIB on March 12.
As of press time, over 2.07 billion SHIB has been incinerated by the community in the past week, with KoyoToken accounting for most of those transactions.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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