THE BURNING of $1 billion in BNB just vanished. The BNB market is preparing for an important event: the quarterly token burn, which will take place in July. Binance plans to burn more than 1.6 million BNB, worth nearly $1 billion. This will be the 28th quarterly cryptocurrency burn. Although the exact date cannot be confirmed, it generally occurs in the month after the close of the quarter. Previous burns occurred in April, January, October and July, with the number of tokens removed ranging between 1.9 and 2.1 million.
Periodic burning of BNB is important because it reduces the circulating supply of the token, which can increase its price if demand remains or increases. In addition to the quarterly burn, BNB has an additional system that burns a portion of the gas fees on each block on its network, BNB Chain. So far, 54.4 million BNB have been burned, with 147.5 million BNB in circulation. BNB is currently trading around $570, 20% below its recent all-time high. Binance's continued momentum and regulatory implementation may continue to benefit BNB's value in the future. #BNBSmarthChain #Binancetournament #BNB