Binance Chain has just finalized its 31st quarterly tokens destruction operation, permanently withdrawing 1.58 million BNB from traffic, the equivalent of $ 914 million. This strategy may well propel the course of the fifth world crypto in the coming weeks.
Binance Chain permanently destroyed $ 914 million from BNB tokens
This Wednesday, Binance Chain proceeded to the massive destruction of 1,579,207 BNB tokens, as confirmed by BSCSCAN data.
This operation is part of the long -term strategy of the Binance ecosystem which aims to gradually reduce the total offer of BNB until reaching 100 million tokens.
This automatic combustion mechanism, introduced by the BEP95 proposition, is not arbitrary. It calculates the number of tokens to destroy each quarter depending on the course of the BNB and the blocks produced on the Binance Smart Chain.
The objective is clear: to increase the scarcity of the token and potentially its value in the long term.
According to Coingecko, BNB's total offer was initially 200 million tokens. Thanks to these regular destruction, this figure has now fell at less than 146 million, creating significant deflationary pressure on the fifth world cryptocurrency by capitalization, or 81.65 billion dollars).
Technical perspectives and Crypto market signals
The BNB is currently exchanging around 580 dollars, in the downward phase after stopping on the resistance of 600 dollars. The token evolves under its key mobile averages, illustrating the challenges that buyers must overcome.
Despite this unfavorable technical configuration, some indicators suggest opportunities. The MacD indicator shows signs of resistance in the face of selling pressure. A break in the downward trend could open the way to the $ 635 area.
THE data However, derivative products encourage caution. The ratio long/short positions of 0.9616 reveals a slightly lower feeling on the market.
Recent liquidations confirm this trend, with $ 400,000 in long -liquidated positions against only $ 48,460 in short positions.
This massive destruction comes as BNB Chain is preparing important technical updates for April, with the deployment of Lorentz which will considerably reduce block times. These developments could strengthen the attractiveness of the ecosystem and ultimately support the course of the BNB.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
