This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The burn rate of Shiba Inu tokens has experienced a significant surge, with over 8 billion tokens burned in a 24-hour period. This trend has continued to rise, with the burn figures increasing daily. The recent spike in the burn rate has contributed to a 1,969.72% increase in the total amount burned on a weekly basis.The majority of the burns have come from a single wallet address, specifically the ShibaSwap deployer wallet. This indicates that the SHIB team is responsible for burning the tokens. The spike in the burn rate aligns with the increased usage of the Shiba Inu layer 2 blockchain, Shibarium. As more fees are collected on the network, the amount of SHIB to be burned rises.The daily transactions on Shibarium have consistently exceeded 7 million, resulting in a total of over 51 million transactions on the network. This suggests that if this trend continues, the burn rate could continue to rise due to the increased usage of the L2 and the subsequent burning of fees.