Binance Completes 25th Quarterly BNB Burn
Binance has recently announced the completion of its 25th quarterly burn of BNB tokens. The burn program, which began in October 2017, aims to remove 100 million BNB tokens from circulation. In the latest burn, 2.14 million BNB tokens, worth over $453 million, were destroyed.
How Binance Determines the Amount of Tokens to Burn
The amount of BNB tokens burned is determined by the token’s price and the number of blocks generated on the BNB chain. Additionally, Binance’s Pioneer Burn program allows for the burning of lost tokens if users can prove they mistakenly sent them to the wrong address.
Hopes for Positive Price Action
The reduction in the supply of BNB tokens through the burn program has led community members to anticipate an increase in the token’s price. However, the current price action is testing an important support level at $205. If there is a weekly close below this support, it could lead to a significant decline in the price.
Conclusion
The completion of Binance’s 25th quarterly burn has removed a significant number of BNB tokens from circulation. The community hopes that this reduction in supply will lead to a bullish price movement. However, the current price action is precarious, with the token testing a crucial support level. It remains to be seen how these factors will impact the future of BNB.
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