Coin burning occurs when a crypto token is delivered to an invalid wallet address on purpose. Most of the time, the creators of a cryptocurrency determine how much to burn. Coin burning lowers availability, making cryptocurrency tokens rarer. It is not guaranteed to raise the value of the cryptocurrency. Many people find little to no advantage in it.
The protocol will burn or remove Tagcoin from circulation once a month. The earnings from the monthly #hashtag auction event determine the number of Tagcoins be destroyed. The burning mechanism contributes to the reduction of Tagcoins in the current flowing supply.
Hourly made tag coins will be distributed among various beneficiaries as follows:
Coin burning became popular among cryptocurrency users in 2017 and 2018. It's a frequent tactic for younger cryptocurrencies that begin with a huge token supply. A new cryptocurrency might be launched with one trillion tokens worth a fraction of a penny. The creators can later burn billions of tokens to increase the price.