SHIB Burn Rate Soars 531% as Cryptocurrency Market Plummets

The Shiba Inu (SHIB) community has achieved a significant milestone in reducing the circulating supply of the meme coin. According to data from Shibburn, the SHIB burn rate has skyrocketed by 531% over the past 24 hours, with 13,938,285 SHIB tokens removed from circulation. A substantial portion of this burn, 12,904,644 SHIB, was transferred to an unspendable wallet in a single transaction. This dramatic increase in token destruction suggests a strong effort by the SHIB community to enhance the coin's scarcity and potential value.

Meanwhile, the broader cryptocurrency market has experienced a sharp downturn. Bitcoin, the leading cryptocurrency, has dropped 8.3% in the last 24 hours, falling from the $96,000 range to $87,950. This decline is attributed to concerns over U.S. import tariffs on Canada and Mexico, which are now set to take effect on March 4. Additionally, significant outflows from institutional Bitcoin ETFs have further pressured the price.

Ethereum, the second-largest cryptocurrency, has also suffered heavily, plunging over 15% and dropping below the $2,820 level to $2,384. Shiba Inu itself has not been immune to the market-wide sell-off, shedding 13% of its value since Monday and now trading at $0.00001342. The cryptocurrency market's poor performance highlights the ongoing volatility and sensitivity to external economic factors.