It looks like the crypto company’s “burn mechanism” is having a big effect every day.
Over $1.4 million has been burned in just one week for $BNB, thanks to BEP-95.
Over $18 million has been burned since December 2021, when the BEP-95 burn mechanism was put in place. People who own $BNB will be hoping that BEP-95 will have a long-term effect on the price of the token as the market looks to get back on its feet.
Binance Smart Chain has a big impact on the whole Binance ecosystem, even though the daily transaction chart has slowed down with the market. However, when we look at the chart below, we have reached a point where we usually see a rise in prices afterward.
If this does happen, we can’t say for sure, but if it does, we can expect a number of factors, including the regular burn, to start having a big impact on $BNB’s general performance.
What is Binance Smart Chain?
The Binance Smart Chain is one of the best blockchain networks that can make smart contracts. Data from Dappradar shows that since its launch on Aug. 31, 2020, the total value locked (TVL) in DeFi protocols quickly rose to a record high of $41.39 billion on May 8, 2020. At the time of this writing, the TVL is worth $21.45 billion.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.