BNB Burns 1.44 Million Tokens to Stabilize Market
The BNB Foundation announced the completion of its 33rd quarterly token burn on October 27, effectively destroying approximately 1.44 million BNB, equating to about $1.21 billion.
This reduction in supply enhances BNB's deflationary properties, potentially boosting its market value and institutional interest.
The 33rd quarterly burn by the BNB Foundation removed over 1.44 million tokens, valued at $1.21 billion, from circulation. This process, part of the Auto-Burn mechanism, aims to reduce BNB's total supply to 100 million from its current level of approximately 137.74 million. All removed tokens are sent to a "black hole" address. This burn significantly fortifies BNB's deflationary framework, enhancing its scarcity and supporting higher market valuation. The reduction is expected to maintain investor confidence while potentially attracting more institutional participation. There are no immediate public reactions from industry leaders, though the burn continues to be a key component in maintaining BNB's market influence. Institutional adoption remains stable, with no new statements from financial authorities or top influencers regarding this particular burn.
BNB is currently priced at $1,156.07 with a market cap of $159.24 billion, constituting a 4.09% market dominance. Trading volume in the last 24 hours is $3.79 billion, a 67.95% change. The price rose by 2.77% in 24 hours and 18.75% over 30 days, according to CoinMarketCap.
BNB Chain Completes 33rd Quarterly Token Burn – 1,441,281.413 BNB destroyed, valued at approximately $1.208 billion at the time of the burn. The remaining total supply is 137,738,379.26 BNB. All burned BNB sent to the verifiable black hole address. The Auto-Burn mechanism continues as planned until the 100 million BNB supply target is reached. – BNB Chain Official Blog, BNB Chain
Auto-Burn's Role in BNB's Price Performance
Research from Coincu indicates that the Auto-Burn mechanism has been crucial in sustaining BNB's price performance. Historically, these burns have supported a consistent deflationary trend, which is viewed positively by investors. The transparency of the process continues to enhance BNB’s status as a reliable digital asset in the crypto ecosystem.
The price rose by 2.77% in 24 hours and 18.75% over 30 days, according to CoinMarketCap.
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