The meme coin Shiba Inu has seen a significant increase in the burning of its coins, with over 13 million SHIB coins being removed from circulation in the past day. This has led to a drastic increase in the burn rate of 531%. In contrast, Bitcoin and other top cryptocurrencies have experienced a sharp decline over the past 24 hours. Bitcoin has lost 8.3% and dropped from $96,000 to $87,950. The overall market is also in the red, with Ethereum crashing by over 15%. Shiba Inu itself has dropped by 13% and is currently trading at $0.00001342. The market downturn is attributed to concerns about import tariffs and large outflows from institutional Bitcoin exchange-traded funds.



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