The BNB Foundation has completed its 28th quarterly burn, removing nearly $1 billion in BNB from circulation. This article examines the details of the burn and its impact on BNB’s market dynamics.
Points
- BNB Foundation burns 1.64 million BNB, worth nearly $1 billion.
- The burn reduces the total supply of BNB to 100 million.
- BNB’s real-time burning mechanism has removed about 234,000 tokens.
- The latest burn happened directly on the BNB Smart Chain （BSC）.
Massive Quarterly Burn
The BNB Foundation has announced the completion of its 28th quarterly burn, in which 1.64 million BNB were removed from circulation, equating to nearly $1 billion. This burn is part of BNB’s ongoing strategy to reduce its total supply to 100 million BNB. The latest burn was unique as it happened directly on the BNB Smart Chain （BSC）, with the tokens sent to a “dead” address.
Real-Time Burning Mechanism
BNB also has a real-time burning mechanism that removes gas fees from each block. According to the latest report, this mechanism has eliminated about 234,000 tokens so far. The combination of quarterly burns and the real-time burning mechanism aims to decrease BNB’s total supply, potentially increasing its value over time.
Market Reaction
Interestingly, the price of Binance Coin （BNB） fell since the start of the trading session, dropping by 1.33% to $594.60. Despite the significant burn, the market cap of BNB tokens stands at $84.76 billion, making it the fourth-largest asset in the cryptocurrency market. The current circulating supply of BNB is 145,938,033.
Conclusion
The 28th quarterly burn by the BNB Foundation has significantly reduced the circulating supply of BNB, aiming to increase the token’s value over time. Despite a short-term price dip, the long-term outlook for BNB remains positive, with ongoing burn mechanisms supporting its market dynamics. Investors should monitor future burns and market reactions to gauge the potential impacts on BNB’s price and overall market performance.