Summary
- Binance Coin (BNB) is said to be rising due to supply burning and an increase in on-chain transactions.
- The BNB network recently completed the burning of 1,595,600 BNB worth about $1.02 billion, and the circulating supply continues to decrease.
- The price of BNB recently climbed to around $692, and the record-high DEX trading volume is also pointed out as a factor driving the price up.
Binance Coin (BNB) continues its upward momentum thanks to reduced supply and increased on-chain transaction demand.
According to AMB Crypto, a media outlet specializing in virtual assets (cryptocurrency), Binance Chain recently conducted its 32nd quarterly burn, removing approximately 1,595,600 BNB from the network. The burn amounted to around $1.02 billion (about ₩1.4035 trillion).
Currently, about 139.28 million BNB are in circulation, and more than 30% of the total supply has been burned over the past three years. On this day, the price of BNB traded around $692, marking about a 15% rise from last month’s low.
Meanwhile, some analyses suggest that the upward trend in BNB is not only due to reduced supply but also linked to increased on-chain activity. According to DeFi Llama, DEX trading volume within the BNB Chain reached an all-time high of $170 billion last month.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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