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If a crypto burn happens, are all my assets gone?
Not as the name sounds. Though my first experience, I also thought the platform wanted to make away with my assets or shutdown, but on the contrary; this is one of the ways to foster the growth of the utility by reducing the total amount initially supplied.
2024, in Q1 BNB burn, thousands to millions were burnt showing why the BNB price keeps soaring.
Now, this works with the principle of scarcity. ‘Scarcity creates value’. Now another Q2 burn of $138million worth of BGB estimated to be 2.56% of the total supply.
I’ve been optimistic about BGB even after the burn 2024 that lead to a spike to around $8, and now trading at $4. I’m very much interested to see what happens to next following the Q2 burn!
Burns create scarcity, but without utility, momentum fades. It's important to consider what utilities BGB has or what plans exist to make it more relevant and usable in everyday transactions. If there’s a clear path for that, the potential could be massive, much like BNB's rise with consistent token burns.
