Koyo Token Holders Surpasses 1,170 Amid Increased Shiba Inu Burns

Koyo continues to record widespread adoption.

Koyo (KOY), a newly launched cryptocurrency, has been attracting the interest of investors in recent times. The number of Koyo token holders is on track to hit a new all-time high of 1,200.

Data from leading cryptocurrency analytics platform CoinMarketCap (CMC) shows that the number of Koyo token holders now stands at 1,174, with the top 10 addresses holding 40.6% of KOY’s supply.

Interestingly, the cryptocurrency achieved the feat less than two months after launching on Shiba Inu’s decentralized exchange ShibaSwap. As reported, KOY officially debuted on ShibaSwap on March 9, 2023. However, it has attracted the interest of cryptocurrency enthusiasts, especially members of the Shiba Inu community.

Koyo’s Shiba Inu Burns

Following Koyo’s launch, the cryptocurrency has joined Shiba Inu’s ongoing burn campaign. Several reports have emerged showing Koyo’s role in reducing Shiba Inu’s gigantic supply.

Yesterday, Koyo burned a whopping 1.49 billion SHIB tokens in a single transaction, thus causing Shiba Inu’s burn rate to spike by 30929.37%. A few days earlier, Koyo had incinerated 1,178,830,489 (1.17B) SHIB in six transactions.

At press time, Koyo has successfully burned 8,757,565,854 SHIB tokens, according to data from Etherscan. Despite the number of tokens burned so far, the team behind Koyo has declared their commitment to continue incinerating hefty amounts of SHIB.

Koyo’s pseudonymous founder Kintaro noted in his “First Revelation” that Shiba Inu community members should “expect its SHIB burns to be in the millions.” He further disclosed plans to build exclusively on Shibarium, Shiba Inu’s layer-2 network.

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