Binance Network Completes Quarterly Burn No. 32 and Removes 1.6 Million BNB Coins?
The Binance Network announced the completion of Quarterly Burn No. 32, which resulted in the removal of approximately 1.595 million BNB coins from the circulating supply, with an estimated value of 1.024 billion dollars.
This is part of the automatic burn program aimed at reducing the total supply to 100 million BNB.
The burn mechanism depends on the number of blocks produced and the average price of the coin, which provides transparency to the process and allows for predictable outcomes.
According to Binance, future burn operations will be executed directly on the Binance Smart Chain (BSC), as part of the network integration initiative and the discontinuation of the Beacon Chain.
Potential Support for BNB Price:
Reducing the supply may support the price of BNB, especially with major institutions entering the market.
For instance, "Nano Labs" purchased 74,315 BNB for 50 million dollars and intends to expand its reserve to one billion dollars.
This institutional demand enhances expectations for a potential price increase if the upward trend of institutional adoption continues.
