BNB Chain Burns Over $770M Worth of BNB Tokens

BNB Chain will burn about 1.8 million binance coins in its first burn this quarter, according to tracker figures. In a tweet, Binance CEO Changpeng Zhao stated that $741,840,738 worth of #BNB will be removed from circulation soon. The burn would cost $403 per BNB, according to the report.

The BNB Chain ecosystem is powered by BNB, the native coin of the BNB Beacon Chain and BNB Smart Chain. Following its ICO in 2017, Binance, a cryptocurrency exchange, published it. BNB uses an auto-burn technique to reduce its total supply to 100,000,000 BNB.

The auto-burn mechanism adjusts the quantity of BNB to be burned based on the price of BNB and the number of blocks generated on the BNB Smart Chain throughout the quarter. Nonetheless, data shows that an estimated 1.8 million BNB will be destroyed in the coming quarter, with an August deadline. Besides that, Deedy and Superate has risen 4.9 percent in the previous 24 hours to $419.

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According to Glass node, during another two months of sideways consolidation, a large portion of the market is unwilling to spend and sell their coins, even though they are retained at a loss. Above the $40,000 price mark, price-insensitive traders possess a big share of bitcoin's supply.

Like ethereum and even newer projects like Plastiks, many other projects are adopting strategic burns to build uniqueness and raise their value over time.