CryptoRank: The $1.2 billion BNB burn was the largest token burn in the past 30 days.
According to #CryptoRank, five projects carried out major burns during this period:
- #BNB - 1.64 million BNB worth $1.2 billion (1.25% of the total supply), October 19.
- #JST - 170.72 million JST worth $23.5 million (1.72%), October 16.
- #GT - 1.99 million GT worth $22.4 million (1.70%), October 4.
- #HTX - 9.39 trillion HTX worth $15.5 million (0.94%), October 15.
- #POL - 100 million POL worth $10.1 million (1%), September 23.
As you can see, BNB leads by a wide margin in terms of monetary value. The token's initial supply was 200 million BNB; after a series of burns, it has already fallen to 131.5 million BNB. The mechanism's target is 100 million BNB, so the supply will continue to shrink. But the “halfway point” is already well behind us.
As a reminder, burning permanently removes tokens from circulation and reduces potential supply pressure. While this doesn't guarantee a price increase, since the ultimate effect depends on the scale relative to the total supply, future issuance, unlocks, and actual demand. That's why percentages are more informative here than nominal value: JST at 1.72% and GT at 1.70% rank highest by share of supply, not BNB.
As for BNB's technical outlook, a reminder that we expect the correction to continue for this asset. The reason is the same as for most assets: last week's candle closed with a fourth, additional marker indicating a potential high. Many assets currently show this pattern, including those we're planning to buy for a conservative spot investment portfolio on copy. These markers give us serious reason to expect a correction, despite the recent pumps trying to convince the crowd otherwise.
For BNB, as with other assets, we'll start buying without a correction ONLY if the price enters a sustained uptrend on the 2-week timeframe. And again, we'll buy in installments.
BNB, by the way, remains in a sustained downtrend on the daily timeframe, but has bounced off liquidity zones acting as support.
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