BNB Chain Conducts 28th BNB Burn Worth Nearly $1 Billion

On July 22, 2024, BNB Chain completed its 28th BNB burn, destroying nearly $971 million worth of tokens. Specifically, this time, 1,643,698 BNB were burned, with the token value hovering around $590 each. Compared to the previous burn, both the amount of BNB destroyed and the total value of this burn are lower.

This can be explained by the relative decrease in BNB price since the 27th burn on April 24. At that time, BNB was priced around $600 and continued to rise, reaching a new all-time high of $716 in early June.

Even though the value destroyed in this burn is lower than the 27th, the 28th burn still marks the second-highest USD value burn in the history of BNB Chain’s operations. The third-highest burn was the 18th, with over $906 million worth of BNB permanently removed.

The BNB Burn design has proven to be an effective method for reducing total supply, thereby increasing the token’s value. Additionally, Binance maintaining its leading position despite facing ongoing legal challenges over the past two years further demonstrates the platform’s strength and appeal.

Under the leadership of CEO Richard Teng, despite some controversial product strategies, the new CEO’s efforts to help Binance navigate through difficult times cannot be overlooked.

Related: Binance Announces Listing of Banana Gun (BANANA)

BNB Price Movements

Following the announcement of this burn, the price of BNB was not significantly impacted. Currently, BNB is trading around the $590 – $591 range.