As a seasoned financial analyst with years of experience in the cryptocurrency market, I’ve witnessed many significant events that have shaped the digital asset landscape. The latest Binance Coin (BNB) burn announcement by the BNB Foundation is one such event that has piqued my interest.
The BNB Foundation has recently announced the 28th quarterly burning of Binance Coin (BNB), and this particular burn event is significant. A total of 1.64 million BNB tokens were eliminated from circulation, equating to approximately a billion dollars in value being removed from the BNB market.
I’ve been deeply involved in the cryptocurrency world for quite some time now, and one token that has consistently caught my attention is BNB. As you may know, BNB is the native coin of the BNB Chain and is used for various transactions on this platform, including those on the BNB Smart Chain, the opBNB layer 2 solution, and BNB Greenfield.
Starting from April 18, 2019, BNB made a transition from Ethereum to the BNB Chain and implemented a burn mechanism. Currently, the automated BNB Burn system operates by decreasing the overall circulating supply to reach a total of 100 million BNB tokens. The quantity burned is determined by both the current market price of the BNB token and the number of blocks generated on the BNB Smart Chain during each quarterly period.
In simpler terms, this recent incident stands out because it involved the direct loss of BNB tokens on the Binance Smart Chain. The burned tokens ended up in a previously unused address, specifically chosen for that purpose. Additionally, BNB undergoes real-time burning of gas fees from each block, having eliminated approximately 234,000 tokens as per the latest update.
I’ve noticed an intriguing development in the Binance Coin market today. The value has decreased by 1.33% since the trading session commenced, resulting in a price point of $594.60. Currently, Binance Coin holds a market capitalization of $84.76 billion, positioning it as the fourth most valuable asset. With a circulating supply of 145,938,033 BNB tokens in circulation.
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2024-07-22 12:10