The process of permanently removing a cryptocurrency from supply to increase its value over time is called burning the cryptocurrency.

This process naturally increases its value as it will cause the total supply for the cryptocurrency to decrease.

Cryptocurrency is burned in 2 ways. It is either done by design or manually.

By design, a cryptocurrency burn is a model that adds to the core protocol level of a particular blockchain. In other words, it is a burning process that happens automatically due to the design of a coin.

Manually burning cryptocurrencies is not integrated into the code/protocol layer of a cryptocurrency. Instead, it is initiated by the cryptocurrency project itself, whether for implementation (burning), economic policy, or some other reason. It can be repeated once or periodically.

One of the best examples of crypto money burning is that the exchange burns its own currency, BNB, in certain periods.