Over 4.6B Shiba Inu Tokens Burned by KoyoToken: Shibburn Confirms

Impressive 6.78 Billion SHIB Burned in March Driven by Koyo

Shibburn, a tracking tool specifically designed for monitoring the burning of Shiba Inu tokens, has verified that KoyoToken, a recently launched project, has destroyed as many as 4.6 billion Shiba Inu tokens within the last ten days. Shibburn’s confirmation followed debates regarding this announcement, as some supporters questioned its authenticity.

After claims that KoyoToken had started an incineration campaign, some Shiba Inu community members questioned why the number of tokens purportedly burned by the project does not appear on the SHIB burn tracking mechanism.

Shibburn addressed the doubts surrounding KoyoToken’s burning of Shiba Inu tokens and explained that KoyoToken utilized the burn portal to incinerate the tokens. Shibburn provided evidence of the burnt tokens by pointing out the quantity of burntSHIB tokens held by the KoyoToken address.

The burntSHIB token is sent to addresses that destroy Shiba Inu tokens via the burn portal. This token is not tradable and is solely used to monitor the quantity of Shiba Inu tokens destroyed by a specific address. Each burntSHIB token corresponds to one SHIB token destroyed, with a 1:1 ratio. Therefore, if an address burns 1 SHIB token using the burn portal, it will automatically be awarded 1 burntSHIB token.

Currently, the KoyoToken address holds an enormous amount of burntSHIB tokens, around 4.631 billion. This indicates that the tokens were burned through the project’s burn portal in the past ten days as a part of their burn campaign.

In the past, Crypto Basic had drawn attention to KoyoToken’s burn transactions through various reports. The project burned a significant amount of Shiba Inu tokens in a single transaction on March 17, which amounted to 924 million tokens. Similarly, on March 14 and March 12, KoyoToken burnt 451 million and 591.9 million SHIB tokens, respectively.

Currently, the community has burned more than 2.07 billion SHIB tokens in the last seven days, and KoyoToken has carried out most of these transactions.

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