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Because the hiragana ends with an う sound, you know this word is a verb. The kanji itself means obsolete and this word means to become obsolete.
Everything has to become obsolete. Even the biggest most fiery things, like a star, for example, will go obsolete at some point.
ビエトはカップケーキブームは既に廃れていると主張した。
Viet insists that the cupcake boom has already died out.
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