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.
Also Read:
- Judge Netburn Orders US SEC And Ripple For Settlement, What It Means For XRP?
- Cathie Wood Bullish After XRP Lawsuit; Ark Invest Sells Coinbase And Tesla, Buys Meta & Robinhood
- US SEC Accepts Valkyrie Spot Bitcoin ETF Application
- Bitget US Stock Futures Trading Volume Surpasses $200 Million
- Binance Founder CZ Predicts Bitcoin Will Flip Gold’s $30 Trillion Market
- Trump Tariffs: U.S. President Threatens 155% Tariff on China, Bitcoin Falls
- Hassett Says Government Shutdown Could End This Week as Crypto Markets Brace for Inflation Data
- ‘Floki Is The CEO’: FLOKI Surges Over 20% After Elon Musk’s Name Drop
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
