Understanding Cryptocurrency Burning
Cryptocurrency users are assigned an address used to send and receive coins. You can think of the address like an email address. You can send and receive emails from that email address anywhere you have access to it. A cryptocurrency address is similar—the cryptocurrency network recognizes that address as yours and uses it for transactions. This is your wallet address.

I do know that this is not the first time I'm witnessing the situation we are facing now. So it becomes confusing knowing what to believe to be the cause of the high fees and if there is any other way around it with respect to the future because fees like this is a kind of discouraging!