Binance Chain has just completed the 31st quarterly BNB burn, destroying 1,500,000 BNB tokens worth approximately $916,174,342.
This event has attracted significant interest from the investment community, particularly regarding the potential for BNB's price to reach $600 in the future.
The main goal of the burn is to reduce the total supply of BNB to 100 million tokens. Currently, the supply of BNB stands at 140.89 million tokens, but this number is gradually decreasing thanks to regular burn events.
The token burn process is carried out according to the BEP95 proposal, in which the number of tokens to be burned is determined based on the price of BNB and the Binance Smart Chain network's block.
Although the burn aims to push the price of BNB up, the market response has not been as expected; the price of BNB has dropped by 1.10% despite this event occurring. At the time of the burn, the price of BNB was recorded at $582.58.
This event highlights the volatility in the digital currency market and the impact of supply and demand adjustments on the value of coins.
While many Altcoins have dropped significantly in the recent correction, BNB has only decreased slightly, equivalent to 33% from its peak, showing relative stability compared to Bitcoin.
BNB is on their asset investment list
