BNB price nears breakout as Binance Coin burn rate gains steam

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Binance Coin price seems ripe for a strong bullish breakout as the network continues to incinerate more coins.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Binance Coin was trading at $620 on Tuesday, up 20% from its March lows and 22% below its all-time high. BNB has outperformed Bitcoin and other layer-1 coins like Cardano and Solana because of its strong ecosystem growth.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

DeFi Llama data shows that the total value locked in its ecosystem rose to $5.17 billion in March. In contrast, other popular layer-1 networks lost assets during the same period. Additional data shows that the network’s decentralized exchanges handled over $43 billion in volume in March. BNB has also outpaced most altcoins due to its highly deflationary nature. The token achieves this through two types of burns that reduce the circulating supply.