Binance Coin (BNB) Burn: Significant Reduction in Total Supply
Binance recently announced its 24th burn of its native coin, Binance Coin (BNB). This burn resulted in a reduction of BNB’s total supply by 1.27%, with over 1.99 million tokens burned, valued at $484 million. Since October 2017, Binance has burned a total of 46.81 million BNB, accounting for 25.45% of the circulating supply.
Key Points:
– BNB’s market capitalization currently stands at $37.4 billion, with a circulating supply of 153.85 million tokens.
– Following the burn, BNB experienced bullish momentum and turned green after three days of losses, now up by 0.4% in the past 24 hours.
– Binance Coin’s trading volume has also increased by 22.44% in the past 24 hours, reaching nearly $790 million.
– The recent burn has been well-received by the crypto community on Twitter.
– BNB Chain announced an upgrade called “ZhangHeng,” scheduled for July 19th, which will enhance the chain’s security.
BNB’s burn and the reduction in its total supply have had a positive impact on its price and market sentiment. The increased trading volume and the upcoming upgrade further contribute to the coin’s growth prospects.
Hot Take:
With another successful burn, Binance Coin continues to demonstrate its strength and resilience in the crypto market. The reduction in supply, coupled with the positive market response, indicates that BNB has the potential for further growth and development. Keep an eye on Binance and its native coin as it continues to make significant strides in the crypto space.
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