SHIB burn rate jumps 1,100% in anticipation of Shibarium reboot According to Shibburn, a Shiba Inu burn tracking site, there has been a significant increase in burns over the past 24 hours compared to the previous day. In total, more than 1.046 billion tokens were burned, which represents an increase of 1,108.78% during this period. This is in stark contrast to the figure of about 100 million tokens burned the previous day. However, while the jump in burn rate is interesting, the addresses that do most of the SHIB burn are even more interesting. Check the burning address released by Shibburn, and an address keeps popping up, which is the 0x4be2 address. A quick look on-chain reveals that this address is actually the contract address for the MARSWAP (MSWAP) token. The token appears to use a portion of transaction fees for SHIB burning, and as it gained popularity, the number of SHIB tokens burned skyrocketed. So far, Marswap accounts for about 40% of the tokens burnt. But a single address 0xcf6d (ShibaSwap LP token (SSLP) contract address) destroyed 418,719,732 tokens, which is the single largest destruction event in the last day. Despite the significant increase in the SHIB burn rate, meme coin prices have not reacted as positively as expected. The token price seems to be in line with the general sentiment of the cryptocurrency market and continues to fall. The price of SHIB is up only 2.26%, but its price is still down 1.48% on the daily chart. Even more worrisome is its sharp drop of 21.94% on the weekly chart. Judging from this trend, it is unlikely that SHIB will break out of the market and rebound. One event that could spark a recovery, however, is the restart of Shibarium. According to lead developer Shytoshi Kusama, the Layer 2 network may be restarted in the next few days. (Data source: Best Owie)