Binance Completes 25th Quarterly BNB Token Burn
Binance, the world’s largest crypto exchange, recently conducted its 25th quarterly burn of BNB tokens. A total of 2.14 million BNB tokens, worth approximately $453 million, were burned in this mechanism. The burn was well-received by traders, causing the price of BNB to increase by 3% within 24 hours.
Details of the Burn
The burn was completed using the BNB Auto-Burn procedure, with 2.139 million BNB tokens being burned in the 25th quarterly event. Additionally, 314.69 BNB tokens were burned through the Pioneer Burn Program. This burn reduced the circulating supply of BNB by another 2 million tokens, bringing the total circulating supply to 151,705,885 BNB.
Auto-Burn Protocol and Future Burns
Binance has already burned a total of 50.29 million BNB tokens through its Auto-Burn protocol. The exchange aims to reduce the circulating supply to 100 million BNB tokens using this mechanism. The amount of BNB to be burned is calculated based on the token’s price and the number of blocks generated on the BNB Smart Chain during each quarter.
According to the current data, it is estimated that approximately 2,180,464 BNB tokens will be burned in the next quarterly event. However, there is a possibility that the number of BNB tokens may increase in the 26th quarterly burn.
BNB Price Jumps
Following the burn announcement, the price of BNB experienced a 3% increase within 24 hours. Currently, BNB is trading at $213 with a trading volume that has increased by 82% in the past day. The deflationary nature of BNB, resulting from continuous burns by Binance, has also contributed to the positive momentum of its price.
Hot Take: Binance Continues to Burn BNB Tokens, Driving Price Growth
Binance’s 25th quarterly burn of BNB tokens has once again had a positive impact on the cryptocurrency’s price. The burning of over 2 million tokens has reduced the circulating supply and increased interest among traders. With future burns planned, there is potential for further price growth in the coming quarters. As BNB becomes increasingly deflationary, it solidifies its position as a valuable asset within the crypto market.
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