Binance Ignites Bullish Rally by Burning 1.99 Million BNB Tokens
Binance, the world’s largest cryptocurrency exchange by trading volume, has set the market abuzz by announcing its 24th Binance Coin (BNB) burn. The significant event occurred as BNB consolidated its position in the red zone. A whopping 1.99 million tokens were burned, amounting to a total value of over $484 million at the time of the transaction. This event has had a tangible effect on BNB’s total supply, reducing it by 1.27%, with a remaining count of 153.85 million coins.
BNB Burn History: A Track Record of 46.81 Million Tokens Burned since 2017
Since October 18, 2017, Binance has methodically burned approximately 46.81 million BNB. This accounts for a substantial 25.45% of the total supply in circulation. The regular coin burns are part of Binance’s deflationary policy, which is designed to bolster the token’s value by reducing its supply.
Bullish Waves in Crypto Community as BNB Turns Green
The latest burn has stirred a positive reaction in the cryptocurrency market, with Twitter users expressing their optimism about BNB’s future prospects. Moreover, BNB has finally turned green after three days of downfall. The asset is up by 0.4% in the past 24 hours, trading at $243 at the time of writing. A testament to the bullish sentiment, Binance Coin’s 24-hour trading volume skyrocketed by 22.44%, reaching almost $790 million.
A Temporary Dip in BNB’s Market Capitalization
Despite the encouraging market response, BNB’s market capitalization has slipped by 1%, now standing at $37.4 billion. The total circulating supply of tokens currently rests at 153.85 million.
ZhangHeng Upgrade Adds to the BNB Momentum
On July 12, the BNB Chain announced the “ZhangHeng” upgrade. Scheduled for July 19 at block height 328,088,888, the upgrade is set to enhance the chain’s security through “on-chain asset reconciliation,” implemented as per BEP-255. This strategic move further bolsters the token’s credibility and value in the digital market, adding fuel to the market’s bullish sentiment following the BNB burn.