Layer-1 blockchain protocol BNB Chain has completed its 31st quarterly burn for Binance Coin (BNB). As revealed on its official X handle, the protocol burned 1,579,208 BNB. This deflationary gesture from the chain can help position the top coin for more growth in the near term.B
BNB burn details
As detailed by the protocol, the more than 1.5 million BNB burnt was worth an approximate value of $916.07 million at the time of burn completion. Despite the consistency in the burning trend, the protocol still has 40,886,572.43 BNB left to be burned.
Binance Coin is one of the most liquid digital currencies in the industry, with a total supply of 139,311,899.514 BNB left. With these burning trends, the protocol is fueling scarcity for Binance Coin, a move which, if matched with high demand, can trigger a price rally for the coin.
As of press time, the price of BNB has yet to respond to the general positive burning trend. The coin was changing hands for $580.65, down by 2.1% in 24 hours. Key performance metrics like the trading volume have matched the burn milestone by 2.36% to $1,374,151,287.68.
What’s next for Binance Coin?
As reported by U.Today, the last time BNB Chain conducted a token burn was Jan. 23. At that time, 1,634,200 BNB were sent to dead wallets, adding to the growing push to reduce the supply.
Related
This token burn is the network’s latest attempt to enhance the asset’s value. As an exchange, Binance lists many new assets, with the goal of fueling enhanced liquidity to trigger demand for the BNB coin.
While currently ranked as the 5th largest digital currency, BNB has several fundamentals and the right ecosystem that can drive its long-term growth.