Over 1.49 Billion Shiba Inu (SHIB) burned in the past hour.
Etherscan.io data shows that the newly emerged token, Koyo (KOY), had removed another 1,494,278,561 (1.49B) SHIB from circulation forever in one record transaction executed about 13 minutes ago from press time.
Tezza Decentra has also confirmed this transaction via tweet.
Supporting @KoyoToken is to support @Shibtoken
1.49Billion $SHIB just burned by $KOY smart contract https://t.co/KIiUb814LE
8.75Billion $SHIB burned by #Koyotoken in 36 days https://t.co/ZsQAtAz8xP
Join #KoyArmy https://t.co/M41yNIcxdq journey to the Billion-Dollar Market Cap pic.twitter.com/bpO9ggwIgb
— Tezza Decentra (@Tezza4Ryoshi) April 14, 2023
The massive burn transaction had caused the overall Shiba Inu’s burn rate to surge by 30929.37% compared to the last day when only 3,362,584 (3.36M) SHIB were burned through five individual transactions.
This is the second record SHIB burn transaction from Koyo in the past seven days. As reported by The Crypto Basic, Koyo sent a staggering 1,104,224,812 (1.10B) SHIB, worth $12,577, to the dead wallet on April 9th.
Koyo launched exclusively onto ShibaSwap DEX on March 9th, 2023. Since its inception, Koyo has helped Shiba Inu to reduce its gigantic supply by 8,757,565,854 (8.75B) SHIB while sending them to the “inferno” addresses through multiple transactions.
Only SHIB Burns Not Sufficent
Shytoshi Kusama recently expressed his views on the connection between Shiba Inu price and burns in a recent telegram chat. As per the SHIB lead, Shytoshi Kusama, the price of Shiba Inu cannot be moved only based on burns. For this reason, the Shiba Inu team has been working on introducing new technologies and utilities for SHIB to increase its adoption. Only in this way can the Shiba Inu prices see a significant rise that everyone wants.
As of press time, Shiba Inu is trading at the price of $0.00001131, up 3.27% over the last day with a 24-hour trading volume of $255,901,544 ($255.90M).
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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.