Binance completes 28th quarterly BNB token burn, billions of coins incinerated

The crypto market eyes new ATHs following Bitcoin’s recent uptick towards $68.5K. Amidst the optimism, exchange Binance unveiled vital updates about altcoin BNB.

BNB Discovery📣

The BNB Foundation announced that the BNB Chain has completed its 28th quarterly token burn, destroying 1,643,698.8 BNB tokens worth about $971 million.

Stay informed about BNB ecosystem with @BNB_Briefer. $BNB #Binance pic.twitter.com/2ERFnmWZFy

— BNB_Briefer (@BNB_Briefer) July 22, 2024

BNB’s massive token burns

The Binance Foundation confirmed that the BNB Chain finalized its 28th quarterly asset burn, which saw the platform destroying tokens worth $971 million (1,643,698.8 BNB coins).

BNB Chain network uses the BNB tokens as a native token to power its web3 ecosystem. Users on the opBNB L2s, Binance Smart Chain (BSC), and BNB Greenfield can use the altcoin to complete transactions.

Also, BNB holders have governance rights, allowing them to participate in the Chain’s decision-making.

BNB migrated from the Ethereum (ETH) blockchain to the BNB network in April 2019.

Its “Build & Build” philosophy underscores the crypto’s dedication to nurturing development in the Binance Coin ecosystem.

The Binance Chain conducts gradual auto token burn to reduce BNB’s supply to 100 million tokens.

The network ensures predictability and transparency by adjusting the burn amount according to the blocks formed on the BSC over the quarter and the alt’s price.

The auto-burn mechanism offers a self-reliantly objective, auditable process. The BNB Foundation announces the figures quarterly.

The latest and future token burns will happen directly on the Binance Smart Chain, unlike previous events, due to the planned BNB Chain union.

Further, BNB uses a real-time token burn based on transaction fees, where, “BSC validators determine the ratio of gas fees collected in each block, which is burned at a fixed rate.”

This mechanism has destroyed about 234,0000 BNB tokens since the BEP95 launch.

BNB’s current price action

BNB attracted market attention amidst these developments. It gains 0.21% in the previous 24 hours to trade above $593 at press time.

Moreover, BNB’s daily trading volume increased by 24.99%, reflecting surging investor enthusiasts in the altcoin.

The volume surge amid price recovery could indicate buyer interest in trading Binance Coin.

Further, the prevailing broad market sentiments support continued surges for BNB.

Analysts predict new all-time highs for crypto as Bitcoin trades above the crucial support of $66,250.

The most important support level for #Bitcoin $BTC is $66,250! If this holds, the chances of reaching new all-time highs increase. pic.twitter.com/E2jLuE8FFw

— Ali (@ali_charts) July 21, 2024

The bellwether cryptocurrency hovered at $67,323 during this publication. A solid takeoff from the mentioned support barrier would propel BTC to a new ATH.

Binance Coin will smoothly sail to record peaks on Bitcoin’s anticipated robust uptrend.

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