The BNB Foundation has announced the completion of its 32nd quarterly burn of Binance Coin (BNB), where 1.595 million BNB have been removed from circulation.
Completion of BNB Burn
According to the organization's blog, the last burn event was worth approximately $1.024 billion at the time of completion. Following the latest burn, the total supply of BNB now stands at 139.2 million.
Auto-Burn Mechanism
The auto-burn was initiated in December 2021 with the goal of reducing the total supply of BNB to 100 million. The mechanism now determines the amount to burn based on the number of blocks produced on the BNB Chain and the average price of the asset, ensuring transparency.
Market Impact of BNB
According to demand and supply laws, these quarterly burns could positively influence the price of BNB. Some institutions are already buying large amounts of BNB, which could lead to a price rally in the future.
The BNB burn process continues to significantly affect the overall supply of the asset and may influence market dynamics, attracting the attention of participants in the cryptocurrency industry.
