coindesk.com
$BNB, the token of $BNB Chain, fell in the past 24 hours even after the blockchain burned 1.44 million $BNB, worth around $1.63 billion, by sending them to an inaccessible address and thus removing them from circulation.
The coin fluctuated between $1,122 and $1,154 over the period, ultimately slipping to $1,137.
The recent burn is part of $BNB Chain’s 33rd quarterly reduction, aimed at driving long-term scarcity by eventually shrinking the total supply to 100 million tokens. After the latest burn, about 137.7 million $BNB remain in circulation.
The burn process “underscores the asset's structural strength and long-term scarcity and therefore value creation,” said David Namdar, CEO of the largest publicly traded $BNB treasury firm, CEA Industries.
Despite the scale of the burn and a short-term rise right after it happened, traders have shown caution. As many as 100,000 $BNB changed hands in one hour over the past day, but that volume spike failed to see the token top the resistance level at $1,147, according to CoinDesk Research's technical analysis data model.
An earlier decline to $1,122 saw support hold, suggesting buyers are stepping in at lower levels, though upside momentum remains weak.
Traders face a mixed outlook. On one hand, the deflationary mechanics could eventually tighten supply and see a price boost if demand grows. On the other, technical charts show price stuck in a narrow range, with resistance proving stubborn.