- Binance, the world’s leading cryptocurrency exchange, has incinerated 1.99 million BNB tokens, valued at $619 million, in its 24th quarterly burn mechanism.
- BNB price has been hovering around the $250 mark for over a month, but history indicates a potential price increase post the token burn event.
In a monumental event for the cryptocurrency world, Binance, the largest crypto exchange, has annihilated a colossal 1.99 million BNB tokens. This token bonfire, equivalent to a staggering $619 million, is part of Binance’s 24th quarterly burn mechanism. The burn was carried out via Binance’s innovative BNB Auto-Burn procedure, aimed at reducing BNB’s circulating supply to under 100 million. All of this unfolds amidst a period of stagnant price action for BNB, which has been navigating the $250 level for over a month in the face of a lawsuit against Binance by the SEC.
Setting BNB Ablaze
According to the official disclosure, the latest BNB token burn, which also incorporated 747.51 BNB torched through the Pioneer Burn Program, effectively eradicated nearly 2 million BNB tokens from the circulating supply. At the current rate of $310.99 per token, this amounts to a mammoth $619 million. This brings the current circulating supply of BNB tokens to 153,857,203.
Binance’s unique Auto-Burn protocol has been a significant player in this process. The protocol, designed to bring down the total circulating supply of BNB to 100 million, employs an algorithm that determines the amount of BNB to be annihilated. This calculation is based on the BNB price and the number of blocks generated on the Binance Smart Chain (BSC) during the quarter.
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BNB Price: A Rally in the Offing?
In the wake of a Binance quarterly token burn, BNB’s price typically experiences an upswing. However, the most recent month saw BNB’s price persistently sidling along the $250 mark, inviting speculation of a potential dip. Yet, the token’s trading volume has surged by 30% in the last 24 hours, hinting at heightened trader interest. With this development, the market is keeping a close eye on the potential resurgence of BNB value following this significant token burn.
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