The BNB Foundation recently completed the 29th quarterly burn, signaling its commitment to deflationary practices aimed at fostering growth. In this quarter, 1,772,712.363 BNB tokens, valued at approximately $1.07 billion, were deleted from circulation by sending them to a "black hole" address.
Token burning is known to potentially raise a token’s value by reducing supply. The BNB Foundation’s commitment to quarterly burns may enhance market sentiment, fostering investor confidence in BNB as a stable investment.
Despite these efforts, the BNB token did not witness a notable price increase following previous burns, as seen with the 28th burn in July 2024, where the token's value fell by over 22% soon after.
BNB's price currently follows the consolidation pattern seen in the broader crypto market, notably Bitcoin’s fluctuations. With Bitcoin back to bullish momentum, BNB could reclaim a $600 price tag, contingent on Bitcoin's stability.
Currently, BNB is priced around $571.8, reflecting a minor dip. Analysts remain optimistic about BNB resuming an upward trajectory, echoing Bitcoin’s stronger market performance.
