burn News

Binance permanently destroyed $547 million worth of BNB in its 21st quarterly burning event, but the markets remain steady.

According to the crypto exchange, the burn was the equivalent of 1,863,213.47 USDT — roughly 5.5 million LUNC.

Changpeng Zhao, the CEO of Binance, recommended a flat 1.2% trading tax on LUNC trades that could be burned to reduce the token’s total supply and improve its price performance.

Ethereum miners have sold over $40 million worth of ETH because of the Merge and plummeting revenue.

The proposal highlighted that the burn may help restore the UST dollar peg by burning the excess supply.

The Terra Money Twitter account shared the finer points of Do Kwon’s initial rescue plan: expanding the base pool, burning UST and staking LUNA.

Excessive Terra supply coupled with UST supply contraction coincides with LUNA’s price decline.

Memecoin Shiba Inu can officially be used to purchase land in the SHIB metaverse using the native SHIB token, as the development team continues to provide utility for holders.

Otherdeed NFTs top the “burn leaderboard” over the past seven days at roughly 55,816 ETH, or 56% of all burns during that period.

Shiba Inu devs launched a portal that will burn more SHIB tokens than ever before and reward burners for doing so.

From a Google trends spike to depleting supply, multiple catalysts have been hinting at more upside for Ethereum.

Metaverse craze, token burning events and increasing merchant adoption have made Shiba Inu outperform Dogecoin so far this month.

Despite the large burn value, the network is still inflationary until its PoS transition scheduled for Q2 or Q3.

Bitcoin price is still pinned below $60,000, but the recovery in ETH and altcoins suggests that the current correction could be coming to an end.

$1.25 billion in ETH options expire on Nov. 26 and bulls are better positioned above $4,200.