BNB Foundation Incinerates $1.66B While Analysts Set Sights on $700 Price Goal

BNB Auto Burn Event: The BNB Foundation completed its 33rd quarterly Auto Burn, permanently removing 1.44 million BNB tokens valued at approximately $1.66 billion, reducing the total supply to 137.73 million tokens.

Deflationary Mechanism: The Auto Burn mechanism operates quarterly, adjusting the burn amount based on BNB's market performance and network activity, with all burned tokens sent to a "blackhole" address for permanent removal.

Market Reaction: Following the burn, BNB's price saw a mild positive reaction, although it did not significantly impact its market capitalization rankings.

Analyst Insights: Analysts suggest that while the BNB ecosystem remains stable, it may experience a short-term slowdown, with potential benefits for related coins if BNB regains momentum.