According to the data shared publicly by the Shibburn blockchain tracker, over the past day, an important metric of the second largest meme coin, Shiba Inu, has soared to display a three-digit rise, with millions of SHIB coins disappearing forever.
Meanwhile, Bitcoin, along with the rest of the top cryptocurrencies, has faced a violent crash over the past 24 hours.
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SHIB burns soar 531%
The aforesaid data source has revealed that, over the last 24 hours, the SHIB community has managed to remove an impressive amount of meme coins from the circulating supply – 13,938,285 SHIB.
Nearly all of it, a 12,904,644 SHIB batch, was transferred to unspendable wallets in a single transaction.
Overall, the Shiba Inu burn rate has demonstrated a drastic increase of 531%.
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Cryptocurrency market bleeds
CoinMarketCap is showing a gloomy picture as the top 20 and the majority of the top 100 cryptocurrencies are deep in the red. The flagship cryptocurrency, Bitcoin, has lost a staggering 8.3% just over the past day and collapsed from the $96,000 zone to $87,950, as of press time.
The rest of the market is following suit. Bitcoin reacted to the concerns about the import tariffs imposed by the U.S. presidential administration on Canada and Mexico at the start of February. The implementation of those tariffs was postponed for a month, and now Donald Trump has confirmed that they will take effect on March 4, which is roughly a week from now.
Besides, large outflows from institutional Bitcoin exchange-traded funds (ETFs) have been noticed, which also contributed to pushing the price down substantially.
As for Shiba Inu itself, it has plummeted by 13% since Monday and is changing hands at $0.00001342 now.
The second most popular cryptocurrency, Ethereum, has crashed by more than 15%, losing the $2,820 level and trading at $2,384 at the moment.
Source: https://u.today/shib-burns-skyrocket-531-despite-market-bleeding