The Shiba Inu (SHIB) burn rate has shown a remarkable increase of over 500% in the past 24 hours, despite the overall decline in the cryptocurrency market.
SHIB Burns Soar 531%
According to the Shibburn tracker, the SHIB community has managed to remove 13,938,285 tokens from circulation in the last 24 hours. Most of this, 12,904,644 SHIB, was moved to unspendable wallets in a single transaction. The total SHIB burn rate has risen by 531%.
Cryptocurrency Market Bleeds
Data from CoinMarketCap shows the majority of the top 100 cryptocurrencies are in the red. Bitcoin has lost 8.3% over one day, dropping to $87,950. The market is reacting to the introduction of U.S. tariffs, alongside significant institutional fund outflows.
Impact on Bitcoin and Ethereum
Bitcoin is under price pressure due to discussions on U.S. tariffs and large institutional outflows. Meanwhile, Shiba Inu has fallen 13% to $0.00001342, and Ethereum lost 15% in value, reaching $2,384.
The unusual surge in SHIB burning occurs alongside a general crypto market downturn influenced by external factors, including U.S. economic policies.
