{"id":651207,"date":"2024-11-02T10:30:42","date_gmt":"2024-11-02T10:30:42","guid":{"rendered":"https:\/\/wncen.com\/?p=651207"},"modified":"2024-11-02T07:52:19","modified_gmt":"2024-11-02T07:52:19","slug":"bnb-token-burn-1-billion-of-tokens-sent-to-black-hole-address-impact-on-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/analysis\/bnb\/bnb-token-burn-1-billion-of-tokens-sent-to-black-hole-address-impact-on-price\/","title":{"rendered":"BNB Token Burn: $1 Billion Of Tokens Sent To ‘Black Hole’ Address \u2014 Impact On Price?"},"content":{"rendered":"

On Friday, November 1, the BNB Foundation announced<\/a> the successful completion of the 29th quarterly burn by the BNB Chain. This latest event of the routine token burn reiterates the project\u2019s commitment to a deflationary approach in order to ensure growth.<\/span><\/p>\n

A total of 1,772,712.363 BNB tokens (worth approximately $1.07 billion) were automatically burned in this quarter\u2019s event. According to the foundation’s blog post, this quarter\u2019s burning was (and subsequent token burning events will be) performed directly on Binance Smart Chain (BSC), with the burn amount sent to a \u201cblack hole\u201d address.<\/span><\/p>\n

Can The Latest Burn Event Propel BNB\u2019s Price To $600?<\/b><\/h2>\n

Token burning, a process in which tokens or coins are purposely and permanently removed from circulation, is carried out to trigger an increase in a token\u2019s value. Similarly, the quarterly token burn<\/a> can have a significant impact on BNB\u2019s price by decreasing the total supply, thereby creating a deflationary effect.<\/span><\/p>\n

Related Reading: Dogecoin Bollinger Bands Squeezes Tighter Than It Was Before 2021 Rally, What This Means<\/a><\/div>\n

Moreover, the consistency of the quarterly BNB burns shows the dedication of the foundation to the long-term growth and success of the token. This positive trend could favorably impact general market sentiment, as it strengthens investors\u2019 trust in BNB\u2019s potential as a stable investment.<\/span><\/p>\n

However, it is worth looking at the impact of previous quarterly burns on the BNB price<\/a> to be able to gauge the potential effect of the latest event. Notably, the 28th token burn, which was completed on July 22, 2024, didn’t exactly have a bullish impact on the value of the fourth-largest cryptocurrency.<\/span><\/p>\n

According to data from CoinGecko, the price of the BNB token sat just above $600 as of July 22. Unexpectedly, the token\u2019s price fell more than 22% to a low of $464 about two weeks after the burn event. BNB\u2019s value seemed to have crumbled under the bearish climate<\/a> of the general market.<\/span><\/p>\n

The BNB token has mostly been in a consolidation range over the past few months, mirroring the state of Bitcoin and the general crypto market. Fortunately, the premier cryptocurrency seems to be back in the bullish zone after returning to $70,000 for the first time since June.<\/span><\/p>\n

If the strong positive correlation between BNB and Bitcoin plays out, it means that investors could see Binance\u2019s native token resume its upward trend. Hence, BNB seems to have a positive outlook and could soon reclaim $600<\/a>, especially if the flagship cryptocurrency remains bullish.<\/span><\/p>\n

BNB Price At A Glance<\/b><\/h2>\n

As of this writing, the value of BNB stands around $571.8, reflecting a 0.6% price dip in the past 24 hours.<\/span><\/p>\n

Related Reading: Analyst Exposes Ethereum Ascending Support At $2,400 \u2013 Best Chance To Accumulate ETH?<\/a><\/div>\n
\"BNB\"
The price of BNB at $575 on the daily timeframe | Source: BNBUSDT chart from TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

On Friday, November 1, the BNB Foundation announced the successful completion of the 29th quarterly burn by the BNB Chain. This latest event of the routine token burn reiterates the project\u2019s commitment to a deflationary approach in order to ensure growth. A total of 1,772,712.363 BNB tokens (worth approximately $1.07 billion) were automatically burned in this quarter\u2019s event. According to the foundation’s blog post, this quarter\u2019s burning was (and subsequent token burning events will be) performed directly on Binance Smart Chain (BSC), with the burn amount sent to a \u201cblack hole\u201d address. Can The Latest Burn Event Propel BNB\u2019s Price To $600? Token burning, a process in which tokens or coins are purposely and permanently removed from circulation, is carried out to trigger an increase in a token\u2019s value. Similarly, the quarterly token burn can have a significant impact on BNB\u2019s price by decreasing the total supply, thereby creating a deflationary effect. Related Reading: Dogecoin Bollinger Bands Squeezes Tighter Than It Was Before 2021 Rally, What This Means Moreover, the consistency of the quarterly BNB burns shows the dedication of the foundation to the long-term growth and success of the token. This positive trend could favorably impact general market sentiment, as it strengthens investors\u2019 trust in BNB\u2019s potential as a stable investment. However, it is worth looking at the impact of previous quarterly burns on the BNB price to be able to gauge the potential effect of the latest event. Notably, the 28th token burn, which was completed on July 22, 2024, didn’t exactly have a bullish impact on the value of the fourth-largest cryptocurrency. According to data from CoinGecko, the price of the BNB token sat just above $600 as of July 22. Unexpectedly, the token\u2019s price fell more than 22% to a low of $464 about two weeks after the burn event. BNB\u2019s value seemed to have crumbled under the bearish climate of the general market. The BNB token has mostly been in a consolidation range over the past few months, mirroring the state of Bitcoin and the general crypto market. Fortunately, the premier cryptocurrency seems to be back in the bullish zone after returning to $70,000 for the first time since June. If the strong positive correlation between BNB and Bitcoin plays out, it means that investors could see Binance\u2019s native token resume its upward trend. Hence, BNB seems to have a positive outlook and could soon reclaim $600, especially if the flagship cryptocurrency remains bullish. BNB Price At A Glance As of this writing, the value of BNB stands around $571.8, reflecting a 0.6% price dip in the past 24 hours. Related Reading: Analyst Exposes Ethereum Ascending Support At $2,400 \u2013 Best Chance To Accumulate ETH? Featured image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":651210,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83365],"tags":[13291,11427,86483,79611,84499],"class_list":["post-651207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bnb","tag-binance-coin","tag-bnb","tag-bnb-price","tag-bnbusdt","tag-token-burn"],"acf":[],"yoast_head":"\nBNB Token Burn: $1 Billion Of Tokens Sent To 'Black Hole' Address \u2014 Impact On Price?<\/title>\n<meta name=\"description\" content=\"On Friday, November 1, the BNB Foundation announced the successful completion of the 29th quarterly burn by the BNB Chain.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"BNB Token Burn: $1 Billion Of Tokens Sent To ‘Black Hole’ Address \u2014 Impact On Price?","url":"http:\/\/wncen.com\/analysis\/bnb\/bnb-token-burn-1-billion-of-tokens-sent-to-black-hole-address-impact-on-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/analysis\/bnb\/bnb-token-burn-1-billion-of-tokens-sent-to-black-hole-address-impact-on-price\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/photo_2024-11-02_03-38-58.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/photo_2024-11-02_03-38-58.jpg?fit=825%2C550"},"articleSection":"BNB","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance coin","bnb","bnb price","bnbusdt","token burn"],"dateCreated":"2024-11-02T10:30:42Z","datePublished":"2024-11-02T10:30:42Z","dateModified":"2024-11-02T10:30:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"BNB Token Burn: $1 Billion Of Tokens Sent To ‘Black Hole’ Address \\u2014 Impact On Price?\",\"url\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/bnb\\\/bnb-token-burn-1-billion-of-tokens-sent-to-black-hole-address-impact-on-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/bnb\\\/bnb-token-burn-1-billion-of-tokens-sent-to-black-hole-address-impact-on-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/photo_2024-11-02_03-38-58.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/photo_2024-11-02_03-38-58.jpg?fit=825%2C550\"},\"articleSection\":\"BNB\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance coin\",\"bnb\",\"bnb price\",\"bnbusdt\",\"token burn\"],\"dateCreated\":\"2024-11-02T10:30:42Z\",\"datePublished\":\"2024-11-02T10:30:42Z\",\"dateModified\":\"2024-11-02T10:30:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/11\/photo_2024-11-02_03-38-58.jpg?fit=825%2C550","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/651207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=651207"}],"version-history":[{"count":4,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/651207\/revisions"}],"predecessor-version":[{"id":651251,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/651207\/revisions\/651251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/651210"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=651207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=651207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=651207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}