Shiba Inu (SHIB), an Ethereum-based meme coin also known as the “Dogecoin Killer,” has experienced a significant increase in its token burn rate in the past 24 hours. According to data from Shibburn, over 10 million SHIB tokens were burnt, representing an 805.83% increase in burn rate.This surge in burn rate was primarily due to a large transaction that resulted in the burning of over 10 million SHIB tokens. The address 0xa9d1e08c7793af6…7fb81d3e43 sent a total of 10,240,655 tokens to the SHIB burn wallet.Recently, the Shiba Inu burn rate has been experiencing impressive surges, attracting the attention of cryptocurrency investors and the community. On Monday, the burn rate saw a staggering 7,686,774% increase, with approximately 8.35 billion SHIB tokens destroyed. This marks the highest burn rate the project has ever seen.The majority of the tokens burnt were attributed to the wallet address “0xc7d0455,” which was later identified as “Shiba-swap.eth” or the “Shiba Inu: Deployer 2” address.Several factors contribute to the recent spikes in the SHIB burn rate. One of these factors is the significant increase in activity on the Shibarium network. The network’s transactions have reached 7.51 million daily and have surpassed 50 million total transactions.Shiba Inu introduced new burning techniques for Shibarium to enhance the SHIB value. The mechanism consists of two phases: the Manual phase and the Automated Transition phase. The official deployer wallet oversees the token burn during the manual phase, which will later transition to an automated system starting in January 2024.Out of the initial supply of SHIB tokens, over 410.67 trillion have been burned, leaving an estimated 580.72 trillion SHIB tokens in circulation.