The Binance Foundation has carried out its 33rd quarterly auto-burn, removing $1.66 billion worth of BNB tokens from circulation. This reduced the total supply to approximately 137.73 million tokens as the network works towards a final circulating supply of 100 million BNB. The burn has been completed on the BNB Smart Chain (BSC) with over 1.44 million #BNB being permanently removed from circulation, according to the official tweet from Binance Chain (@BNBCHAIN).
The foundation stated that this quarterly process is part of the network’s deflationary design and aims to gradually reduce the total supply. The burn amount adjusts based on market performance and network activity through the Auto-Burn mechanism.
Analyst Altcoin Sherpa commented that while the BNB ecosystem remains stable, it may experience a short-term slowdown before resuming its upward trend.
The price of BNB responded positively to the burn event but did not significantly impact rankings on market capitalization lists. The foundation emphasizes its commitment to transparency with this quarterly process.
For further information about the burn and its implications for the future of Binance, please refer to the official website and statements from the Binance Foundation. This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz does not take responsibility for any potential losses incurred by readers.