Data from the Ethereum blockchain has revealed that the recently launched Koyo token project has moved forward with a major burn of the meme-inspired cryptocurrency Shiba Inu ($SHIB), helping its burn rate skyrocket.

According to the data, first spotted by users on the microblogging platform Twitter, Koyo burned an astounding 1.49 billion SHIB tokens in a transaction that helped the burn rate of the meme-inspired cryptocurrency surge over 30,000% in the last 24-hour period.

Source: Shibburn

This isn’t the first time Koyo has burned a large amount of SHIB, as earlier this year the project moved 1.1 billion tokens to a dead wallet as well. Koyo, which exclusively debuted on the ShibaSwap DEX last month, has aided Shiba Inu in diminishing its vast supply by 8.75 billion SHIB tokens through various transactions directed to “inferno” addresses since its inception.

Shytoshi Kusama, SHIB’s lead developer, recently shared his thoughts on the relationship between Shiba Inu’s price and burns in a telegram chat. According to Kusama, the price of Shiba Inu cannot be influenced solely by burns.

In response, the Shiba Inu team has been focused on developing new technologies and utilities to foster SHIB adoption. Kusama believes that only through such efforts can Shiba Inu prices experience the significant increase that everyone desires.

As CryptoGlobe reported, a massive SHIB whale has recently expanded its portfolio to nearly 5 trillion tokens after adding an additional 171.68 billion SHIB for around $1.88 million through four different transactions.

Notably, data from IntoTheBlock has shown that a significant portion of SHIB tokens are now in the hands of long-term investors, highlighting the growing allure of the token among those with an extended investment outlook.

According to the firm’s data, holders who have retained their SHIB tokens for over a year cumulatively possess 687.17 trillion $SHIB, valued at more than $7.20 billion. These long-term investors now command nearly 70% of Shiba Inu’s circulating supply.

Meanwhile, “cruisers,” or market participants who have held their Shiba Inu tokens for one to 12 months, account for 232.54 trillion $SHIB, equating to over $2.43 billion in value. This group represents 23.65% of the token’s total supply.

Lastly, “traders,” or those who have maintained their SHIB holdings for less than a month, control 63.55 trillion SHIB, which amounts to over $650 million and constitutes less than 6.5% of the cryptocurrency’s overall supply.

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