Breaking: Binance Burns 1.99 Million BNB Tokens Worth $619M, Price Recovery Ahead?
The world’s largest crypto exchange Binance burned 1.99 million BNB tokens worth $619 million in the 24th quarterly burn mechanism, according to the BNB burn portal. Binance intends to bring BNB circulating supply under 100,000,000 through its BNB Auto-Burn procedure. BNB price is moving sideways near the $250 level for over a month amid Binance vs SEC lawsuit.
Binance Completes 24th Quarterly BNB Token Burn
According to the official announcement, Binance burned 1.99 million BNB tokens in the 24th quarterly BNB token burn through the BNB Auto-Burn procedure. The latest BNB quarterly burn also includes 747.51 BNB burned through the Pioneer Burn Program.
The transaction indicates that Binance burned nearly 2 million BNB tokens worth around $619 million at a price of $310.99. Thus, Binance removed another 2 million BNB tokens from the circulating supply. Currently, the BNB token’s circulating supply is 153,857,203 BNB.
The crypto exchange has burned 48 million BNB tokens in total until now. The exchange uses an Auto-Burn protocol to reduce the total circulating supply to 100,000,000 BNB. The mechanism calculates the amount of BNB to be burned based on the BNB price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.
According to the BNB burn portal, the estimated value of the next burn is 2,097,345.77 BNB. However, the current data suggest that the number of BNB tokens is likely to increase in the 25th quarterly BNB token burn.
On April 14, Binance burned 2,020,290 BNB tokens worth $512 million in the 23rd quarterly BNB burn. The estimated 24th quarterly BNB token burn at that time was 2,009,639.84 BNB.
Read More: Binance CEO Disclosing LUNC Holdings Renewed Terra Luna Classic Sentiment To $1
BNB Price to Recover?
Typically, BNB price increases after a quarterly BNB token burn by Binance. However, the BNB price continued to move sideways for over a month near the $250 level and risks falling lower.
BNB price jumped 1% from the 24-hour low, with the price currently trading at $243.50. The 24-hour low and high are $240 and $243.93, respectively. Furthermore, the trading volume has increased by 30% in the last 24 hours, indicating a rise in interest among traders.
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