Shiba Inu Burn Rate Surges 531% as Crypto Market Faces Major Downturn

The Shiba Inu (SHIB) community has ramped up token burns, removing 13,938,285 SHIB from circulation in the past 24 hours, according to Shibburn. A single transaction accounted for 12,904,644 SHIB, fueling an impressive 531% spike in the burn rate.

Meanwhile, the crypto market is bleeding, with Bitcoin (BTC) and other top assets experiencing sharp declines. BTC plunged 8.3% in a single day, dropping from $96,000 to $87,950. Marketwide losses are driven by concerns over U.S. import tariffs on Canada and Mexico, set to take effect on March 4. Additionally, large outflows from institutional Bitcoin ETFs have further pressured prices.

Ethereum (ETH) has suffered even worse, crashing over 15% to $2,384, while SHIB has plummeted 13% since Monday, now trading at $0.00001342. The ongoing market volatility has triggered panic selling, intensifying bearish sentiment.

As investors brace for further price swings, the spike in SHIB burns suggests the community remains committed to reducing supply. However, whether this deflationary mechanism can counteract broader market turbulence remains uncertain.