32nd Quarterly Burn Completed by BNB Chain — Is a Rally on the Horizon?

The BNB Foundation recently announced the completion of the 32nd quarterly burn of the Binance Coin (BNB), removing 1.595 million BNB from circulation. The burned coins, worth approximately $1.024 billion, reduced the total BNB supply to 139.2 million. The auto-burn program was initiated in December 2021 to reduce the total BNB supply to 100 million by evaluating the number of blocks produced on the BNB Chain and the average price of the asset.

Following the burn, tokens are sent to a blackhole address. The BNB Foundation believes this could cause a surge in BNB's price due to increased demand. Institutions such as Nano Labs have already started purchasing large amounts of BNB, with the company planning to buy up to $1 billion worth of the cryptocurrency.