Burning crypto means permanently removing some cryptocurrency from circulation, making it unusable 🍀
Here's why it's done:
1. Reduce Supply: By taking some coins out of circulation, the remaining ones can become more valuable because there are fewer of them 🐈
2. Increase Value: With fewer coins available, the value of each one might go up 🌺
3. Manage Tokens: Projects might burn tokens to better control their platform’s economy. 🎨
4. Reward Holders: Sometimes, burning tokens can reward people who hold or use the cryptocurrency