Currently, Ethereum, BSC and crypto projects are looking to burn tokens, what is the purpose of this? Why do these projects need to do this? Should they be using those tokens more efficiently instead of burning them?
Of the ways to support token prices and share profits to the community, token burning is the simplest and best way to reduce supply and reduce selling pressure on exchanges. This way, people tend to hold tokens longer, sell tokens at higher prices, and get profits.