BNB’s 29th token burn slashes supply by 1.77M tokens, enhancing scarcity and value.
Strong resistance at $586 and $590 signals potential breakout for BNB price action.
Support levels at $573 and $570 hint at consolidation amid a slight downward trend.
The BNB Foundation completed its 29th quarterly token burn, removing over 1.77 million BNB from circulation, worth approximately $1.07 billion.
This is part of BNB Chain’s Auto-Burn initiative, designed to reduce the total token supply and support the token’s market value. This burn included an adjustment to address past technical discrepancies.
Token Burn Breakdown: Auto-Burn and Special Adjustment
The burn consisted of an exact 1,710,142.733 BNB tokens under the Auto-Burn program, plus an extra 62,569.63 BNB for BTokens. The BTokens adjustment addresses tokens previously reimbursed through BNB’s Pioneer Burn Program, which helps users who lost assets on the Binance Smart Chain (BSC).
Some of these BTokens were accidentally omitted from previous burn cycles but have been included in this one.
The Auto-Burn program will continue until the circulating supply reaches 100 million BNB. With 43.5 …
The post BNB Chain Burns $1 Billion in BNB, Aiming for 100 Million Supply appeared first on Coin Edition.
