Shiba Inu Burn Rate Surges Amidst Market Crash

According to data from the Shibburn blockchain tracker, an important metric for Shiba Inu has seen a significant increase, with a three-digit rise leading to millions of SHIB coins being permanently removed from circulation.

SHIB Burns Soar 531%

The SHIB community has successfully removed 13,938,285 SHIB coins from circulation in the last 24 hours. Notably, 12,904,644 SHIB was sent to unspendable wallets in a single transaction, resulting in a 531% increase in the burn rate.

Cryptocurrency Market Sees Decline

Meanwhile, CoinMarketCap reports a bleak situation as most top cryptocurrencies are experiencing losses. Bitcoin has dropped 8.3% within the last day, falling from approximately $96,000 to $87,950. This decline is partly due to concerns over new import tariffs that will be implemented soon and notable outflows from institutional Bitcoin ETFs.

Shiba Inu itself has declined by 13% since Monday, currently trading at $0.00001342. Ethereum also faced a significant decline, plummeting over 15% to trade at $2,384 after losing the $2,820 mark.