Accordingly, several utility-focused projects have been developed or are currently being developed including SHIB: The Metaverse and Shibarium to attract more investors to the project.

Likewise, initiatives such as SHIB burning have been taken up by community members and other proponents to reduce the hyperinflated supply of Shiba Inu. 

Among those contributing massively to the SHIB burn expedition is KoyoToken, a newly emerged independent project. Notably, the KoyoToken team executed a mega SHIB burn transaction earlier today. 

According to Shibburn, a platform that tracks SHIB burns, KoyoToken sent nearly one billion Shiba Inu tokens to a dead wallet. Precisely, 924,150,949 SHIB was burned by the project in one transaction. “…but let it be known, this is but a drop in the ocean,” a senior team member wrote. 

924,150,949 SHIB -> transferred to dead wallet. https://t.co/WBNjySju0z

— Shibburn (@shibburn) March 17, 2023

In essence, the KoyoToken project which has now burned over 4.6 billion SHIB in just eight days plans to destroy more SHIB tokens in the coming weeks.

This mega burn executed by KoyoToken resulted in a 10,960.22% spike in the SHIB burn rate as more supporters sent millions of SHIB to the project’s burn wallet.

In the past 24 hours, a total of 926,278,583 SHIB have been burned while 2,058,104,966 SHIB have been burned in the last seven days, at the time of writing.

HOURLY SHIB UPDATE$SHIB Price: $0.00001086 (1hr -0.68% ▼ | 24hr 3.20% ▲ )
Market Cap: $6,414,892,728 (4.20% ▲)
Total Supply: 589,609,857,404,206

TOKENS BURNT
Past 24Hrs: 926,278,583 (6060.86% ▲)
Past 7 Days: 2,058,104,966 (-57.57% ▼)

— Shibburn (@shibburn) March 17, 2023

Data extracted from Shibburn.com further showed that the total SHIB burned from the meme token’s initial supply is 410,390,142,595,793 (~410 trillion), at press time.

It bears noting that KoyoToken is determined to build exclusively on the upcoming Shiba Inu layer-2 scaling solution, Shibarium.

Likewise, NOWNodes, a leading blockchain–as–a–Service (BaaS) provider announced that it would be among the first node providers on the Shibarium network.

Interestingly, the development team recently confirmed when Shibarium public beta will be launched.

Follow us on Twitter, Facebook, Telegram, and Google News

The post SHIB Burn Rate Spikes Nearly 11,000% After KoyoToken Mega Burn Transaction appeared first on Times Tabloid.