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BNB Token Burn: $1 Billion Of Tokens Sent To ‘Black Hole’ Address — Impact On Price? Newsbtc 02 Nov 2024

BNB Token Burn: $1 Billion Of Tokens Sent To ‘Black Hole’ Address — Impact On Price? 🔥

The BNB Foundation recently completed the 29th quarterly burn, signaling its commitment to deflationary practices aimed at fostering growth. In this quarter, 1,772,712.363 BNB tokens, valued at approximately $1.07 billion, were deleted from circulation by sending them to a "black hole" address.

Token burning is known to potentially raise a token’s value by reducing supply. The BNB Foundation’s commitment to quarterly burns may enhance market sentiment, fostering investor confidence in BNB as a stable investment.

Despite these efforts, the BNB token did not witness a notable price increase following previous burns, as seen with the 28th burn in July 2024, where the token's value fell by over 22% soon after.

BNB's price currently follows the consolidation pattern seen in the broader crypto market, notably Bitcoin’s fluctuations. With Bitcoin back to bullish momentum, BNB could reclaim a $600 price tag, contingent on Bitcoin's stability.

Currently, BNB is priced around $571.8, reflecting a minor dip. Analysts remain optimistic about BNB resuming an upward trajectory, echoing Bitcoin’s stronger market performance.

Source: www.newsbtc.com ↗