Many cryptocurrencies employ token burn mechanisms to limit the number of tokens circulating on crypto exchanges. As a result, buying pressure is maintained and price pressure is maximized. Binance Coin (BNB) underwent its latest token burn in January 2024, yet Pushd (PUSHD) and Dogecoin (DOGE) are seeing bullish sentiment. Here’s why.
What you'll learn 👉
Binance Coin (BNB) token burn fails to ignite
January 2024 saw the 26th quarterly Binance Coin (BNB) token burn with more than 2 million tokens vanishing with an overall value of $636 million. Token burns are employed to keep prices high and circulating token supply low, often producing a surge in price performance.
On this occasion, the Binance Coin (BNB) burn failed to ignite investors interest, with the coin seeing a brief rally above $320 before plummeting to its current value at the time of writing of $303.64. This represents almost a 5% drop over the past week, rather than the expected price hike.
As Binance Coin (BNB) faces increasing regulatory scrutiny across the globe and its CEO and founder CZ facing jail time, analysts are asking whether Binance Coin (BNB) is now facing genuine threats to its future existence.
Pushd (PUSHD) web3 e-commerce platform sparks revolution
Pushd (PUSHD) is bringing a brand-new idea to the e-commerce world, challenging the primacy of online giants like Amazon and eBay with a decentralized peer-to-peer online marketplace.
Pushd (PUSHD) connects buyers and sellers to buy and sell goods directly removing the reliance on hefty transaction fees. It is also easy to use, with no KYC requirements and users gaining immediate access to funds.
Pushd (PUSHD) has gained massive momentum during its presale, selling out its first three stages within three weeks. With over 23,500 user signups and over 6,000 token investors secured, Pushd (PUSHD) is selling out stage 4 rapidly at just $0.08.
Dogecoin (DOGE) showing bullish sentiment in 2024
Dogecoin (DOGE) has hit the headlines with the announcement of X Payments, a peer-to-peer payment partnership with social media giant X (formerly Twitter). As a result, Dogecoin (DOGE) saw a 9% surge in price as Elon Musk’s love of this original meme coin brings rewards.
Experts now believe that Dogecoin (DOGE) will become one of the cryptocurrencies supported by X Payments, bringing exciting days ahead for existing Dogecoin (DOGE) coin holders as the token enters the buy zone.
Whether this translates into longer-term price pumps for Dogecoin (DOGE) remains to be seen. At the time of writing, the token was trading down 8.86% over the past week.
Conclusion
The failure of the Binance Coin (BNB) token burn to provoke serious price pumps has got analysts and market experts scratching their heads. Meanwhile, investors are eagerly watching Dogecoin (DOGE) to understand the impact of the X Payments announcement.
Meanwhile, investors seeking explosive growth potential of 50x and a unique crypto prospect are eagerly flocking to Pushd (PUSHD) and its revolutionary e-commerce platform in their droves.
Find out more about the Pushd presale at their official website.
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