Binance removed over 1.64 million BNB from circulation, early on Monday, per official announcement.
BNB social dominance and volume recovered on Tuesday, per on-chain data.
BNB hovers around $585, awaiting a catalyst to break past key resistance at $664.
Binance Coin (BNB) price is nearly unchanged in the past month. Data from TradingView shows BNB price is $585 at the time of writing. On-chain metrics support a thesis of gains in BNB, as social dominance and volume climbs this week.
Binance burns $963 million in BNB tokens
The largest exchange by volume announced a burn of 1,643,698.80 BNB tokens worth over $963 million, on Monday, July 22. The burned BNB tokens are permanently removed from circulation, reducing the asset’s supply and the selling pressure.
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