From Cointelegraph: 2024-05-18 07:53:00

Ethereum burn address receives tokens to be permanently removed from circulation. This process is designed to reduce supply and potentially increase value of remaining tokens. This practice is common among cryptocurrencies aiming to manage inflation and scarcity, affecting token prices and overall market dynamics. ETH holders should stay informed.

Read more at Cointelegraph: What is the Ethereum (ETH) burn address