Token burn refers to the intentional process of permanently removing a cryptocurrency token from circulation, reducing its total supply. This is typically done by sending the tokens to a specific wallet address that cannot be accessed, effectively making them irretrievable. The primary motivations for token burning include increasing the scarcity of the remaining tokens, potentially increasing their value, counteracting inflation, and demonstrating commitment to the project’s economic model. Token burns can be periodic events, scheduled into the token’s tokenomics, or executed as part of a specific cryptocurrency event. This practice is commonly seen in various blockchain projects as a mechanism to align incentives among holders and to enhance the overall health of the token’s ecosystem.
**Bitget's Bold Move in the Crypto World** In a stunning announcement, Bitget, a rapidly expanding cryptocurrency exchange, revealed plans to annihilate $5 billion worth of its native Bitget Token (BGB).…