BNB Chain recently completed its 36th quarterly burn, removing 1.61 million BNB tokens from circulation, valued at approximately $932 million.
This action brings the total supply down to about 133.17 million BNB, contributing to the token's deflationary mechanism aimed at reducing its maximum supply from 200 million to 100 million BNB.
As BNB's circulating supply continues to tighten, the network has seen increased stablecoin activity, with the stablecoin market cap on Binance Smart Chain surpassing $17.8 billion as of July 14. The total value locked (TVL) in the BNB Chain has also surged to nearly $5 billion, reflecting healthy trading activity.
In addition, BNB Chain introduced a temporary gas fee waiver until the end of July, encouraging higher trading volumes and engagement from users. Currently, BNB is testing significant resistance at the $580 level, with market observers closely monitoring for a potential breakout that could lead to further price increases.
This article is for informational purposes only and is not financial advice.
