BNB chain burns tokens worth $900M — Price barely budges
On Apr. 16, BNB Chain burned 1.57 BNB tokens worth $916 million in the 31st quarterly token burn.
Binance co-founder Changpeng Zhao "CZ" shared the announcement on X (formerly Twitter).
BNB's circulating supply after the latest burn stood at 140 million tokens.
The Binance team uses an auto-burn system to reduce its total supply to 100 million BNB tokens. The mechanism adjusts the amount of BNB to be burned based on BNB's price and the number of blocks generated on BNB Smart Chain (BSC) during the quarter.
Such regular token burns won't take place as soon as the BNB token supply reaches 100 million.
A token burn slashes the circulating supply, leading to the token's scarcity. If there is a demand for the token, the price of the scarce token is supposed to surge in value. It also encourages token holders to HODL for a long time.
HODL, or 'hold on for dear life,' is a term that refers to the practice of holding crypto assets even during bear markets.
The latest burn event did not have any significant impact on the price of BNB, at least in the short term. It has risen barely 0.85% since the transaction and was trading at $583.51 at press time.
The token's price is still more than 25% lower than its all-time high (ATH) of $788.84 that it hit on Dec. 4, 2024.
The rather dull price action is indicative of the broader bearish sentiment in the crypto market of late.
With a market capitalization of $85 billion, BNB is the world's fifth largest cryptocurrency.
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