BNB Token Burn: $1 Billion Of Tokens Sent To ‘Black Hole’ Address

Name	Symbol	Market	Market Cap ($)	Algorithm
Binance Coin	BNBUSD	Crypto	107,070,344,756	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Binance Coin

BNBUSD

Crypto

107,070,344,756

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	41.13	6.35%	688.68	688.68	688.77

Price Change

Price Change %

Current Price

Bid Price

Offer

41.13

6.35%

688.68

688.77

High Price	Low Price	Open Price	Prev. Close	52 Week Range
688.88	626.07	647.74	647.55	224.29 - 832.84

High Price

Low Price

Open Price

Prev. Close

52 Week Range

688.88

626.07

647.74

647.55

224.29 - 832.84

Exchange	Last Trade	Size	Trade Price	Currency
BINA	19:14:24	0.228000	688.68	USD

Exchange

Last Trade

Size

Trade Price

Currency

BINA

19:14:24

0.228000

688.68

USD

Price x Volume	Volume	Base Symbol	Related Pairs
37,280,146.13	57,126.70	BNB	BNBEUR	BNBGBP	BNBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

37,280,146.13

57,126.70

BNB Token Burn: $1 Billion Of Tokens Sent To ‘Black Hole’ Address — Impact On Price?

02/11/2024 10:30am

NEWSBTC

On Friday, November 1, the BNB Foundation announced the successful completion of the 29th quarterly burn by the BNB Chain. This latest event of the routine token burn reiterates the project’s commitment to a deflationary approach in order to ensure growth. A total of 1,772,712.363 BNB tokens (worth approximately $1.07 billion) were automatically burned in this quarter’s event. According to the foundation’s blog post, this quarter’s burning was (and subsequent token burning events will be) performed directly on Binance Smart Chain (BSC), with the burn amount sent to a “black hole” address. Can The Latest Burn Event Propel BNB’s Price To $600? Token burning, a process in which tokens or coins are purposely and permanently removed from circulation, is carried out to trigger an increase in a token’s value. Similarly, the quarterly token burn can have a significant impact on BNB’s price by decreasing the total supply, thereby creating a deflationary effect. Related Reading: Dogecoin Bollinger Bands Squeezes Tighter Than It Was Before 2021 Rally, What This Means Moreover, the consistency of the quarterly BNB burns shows the dedication of the foundation to the long-term growth and success of the token. This positive trend could favorably impact general market sentiment, as it strengthens investors’ trust in BNB’s potential as a stable investment. However, it is worth looking at the impact of previous quarterly burns on the BNB price to be able to gauge the potential effect of the latest event. Notably, the 28th token burn, which was completed on July 22, 2024, didn’t exactly have a bullish impact on the value of the fourth-largest cryptocurrency. According to data from CoinGecko, the price of the BNB token sat just above $600 as of July 22. Unexpectedly, the token’s price fell more than 22% to a low of $464 about two weeks after the burn event. BNB’s value seemed to have crumbled under the bearish climate of the general market. The BNB token has mostly been in a consolidation range over the past few months, mirroring the state of Bitcoin and the general crypto market. Fortunately, the premier cryptocurrency seems to be back in the bullish zone after returning to $70,000 for the first time since June. If the strong positive correlation between BNB and Bitcoin plays out, it means that investors could see Binance’s native token resume its upward trend. Hence, BNB seems to have a positive outlook and could soon reclaim $600, especially if the flagship cryptocurrency remains bullish. BNB Price At A Glance As of this writing, the value of BNB stands around $571.8, reflecting a 0.6% price dip in the past 24 hours. Related Reading: Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH? Featured image from Shutterstock, chart from TradingView

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BNBUSD Binance Coin