• Shiba Inu (SHIB) saw bullish price action in March due to the Koyo project, which is built on Shibarium.
• Koyo will burn 50% of its revenue in Shiba Inu tokens, and has burned 4.631 billion SHIB so far.
• Koyo founder Kintano hinted that 50% of earnings from the platform will be used to burn Shiba Inu tokens.
Shiba Inu (SHIB) Bullish Price Action
Shiba Inu (SHIB) has seen a bullish price action in March largely attributed to the still relatively unknown Koyo project, which is built on Shibarium. This decentralized finance project aims to provide a platform where users can access defi applications such as lending, borrowing, and staking.
Koyo Token Burns SHIB
The native cryptocurrency of the Koyo project is the Koyo token, which serves as a means of payment on their platform. The platform has been attracting attention with its SHIB burns – so far they’ve burned 4.631 billion SHIB worth roughly $50,000 USD so far. On Tuesday alone they burned another 733 million SHIB tokens and transferred them to Shiba Inu’s dead wallet. All-in-all over 758 million SHIB were burned in the last 24 hours – with only 25 million coming from other entities than Koyo itself.
Kintano, the founder of Koyo, gave a hint about future burns today through Twitter saying that 50% of earnings from the platform will be used to burn Shiba Inu tokens: “For every $ earned by Koyo Token on its platform, 50% of SHIB will burn”. He also added that more revelations are soon upon us all!
A look at Etherscan reveals that currently 311 billion SHIB remain in possession of the project – worth around $3.4 million USD – meaning that it could contribute significantly to more burning events for this cryptocurrency coin if desired so by their team leader(s).
The bullish activity surrounding Shiba Inu coin in regards to burning activities is something that should not go amiss when looking into investing into this cryptocurrency coin as it very well might help increase its value over time if these burns remain active regularly by projects like Kyo or others alike!