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Transactional data reveals that in its 24th quarterly burn event, the Blockchain BNB Chain executed a strategic move by incinerating over 1.99 million BNB tokens through the "auto-burn" mechanism. This planned action further solidifies the token's commitment to reducing its circulating supply and enhancing its value proposition.
A staggering sum of $484 million worth of tokens were effectively removed from circulation. Token burn is the term used to describe the irreversible elimination of coins from their circulating supply.
The burn was executed at 10:33 UTC in transaction DE23DB2FB61495A902A22E5DE72744AD587A78881FFC4E3136D2BD2C7E824E29.
BNB serves as the inherent currency within the BNB Smart Chain and various networks built upon the BNB Chain, including Greenfield. It was introduced by the cryptocurrency exchange Binance following a successful initial coin offering (ICO) in 2017.
BNB employs an automated burning system designed to gradually decrease its overall supply to 100 million BNB, starting from the initial 200 million BNB. This auto-burn mechanism dynamically determines the quantity of BNB to be burned, taking into account the price of BNB and the number of blocks generated on the BNB Smart Chain (BSC) within each quarter.
Nevertheless, the burn event did not generate an instant surge in traders' interest for BNB tokens, as prices remained stagnant over the last 24 hours.
