Binance permanently destroyed $547 million worth of BNB in its 21st quarterly burning event, but the markets remain steady.
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According to the crypto exchange, the burn was the equivalent of 1,863,213.47 USDT — roughly 5.5 million LUNC.
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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.
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Ethereum miners have sold over $40 million worth of ETH because of the Merge and plummeting revenue.
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The proposal highlighted that the burn may help restore the UST dollar peg by burning the excess supply.
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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.
52269 - Altcoin Watch
Excessive Terra supply coupled with UST supply contraction coincides with LUNA’s price decline.
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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.
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Otherdeed NFTs top the “burn leaderboard” over the past seven days at roughly 55,816 ETH, or 56% of all burns during that period.
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Shiba Inu devs launched a portal that will burn more SHIB tokens than ever before and reward burners for doing so.
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From a Google trends spike to depleting supply, multiple catalysts have been hinting at more upside for Ethereum.
14198 - Altcoin Watch
Metaverse craze, token burning events and increasing merchant adoption have made Shiba Inu outperform Dogecoin so far this month.
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Despite the large burn value, the network is still inflationary until its PoS transition scheduled for Q2 or Q3.
16874 - Altcoin Watch
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.
22548 - Market Analysis
$1.25 billion in ETH options expire on Nov. 26 and bulls are better positioned above $4,200.
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