💸 Binance Chain (BNB): Token burning reduces supply by $916 million
Market capitalization: $85 billion
Binance Chain is not just the network of one of the largest cryptocurrency exchanges in the world, but a full-fledged ecosystem with various projects, NFT marketplaces, and DeFi protocols. BNB is the primary fuel token of this system, used for paying fees and participating in various activities.
What is happening now?
🗣 Binance has completed the 31st token burn of BNB, removing more than 1.57 million BNB from circulation
🗣 The total value of burned tokens amounted to about $916 million
🗣 This is part of a long-term plan to reduce the total supply to 100 million tokens (BEP95)
🗣 Despite the burning, BNB is currently trading below the main exponential moving averages
Trading benchmarks:
📈 Break above $620 – a resistance level, overcoming which may open the path to $643
📉 Drop below $600 – a risk of decline to $580
Conclusion: Token burning is a good fundamental factor for the long-term growth of BNB, but in the short term, the market requires improvement in demand. Traders are cautious, but the prospects are ambiguous.
$BNB $ETH $TRUMP
