NewsletterBreaking: Binance Burns Over 2 Million BNB Tokens, Massive Rally Next?
The world’s largest crypto exchange Binance burned 2,020,132.25 BNB tokens in the 23rd quarterly BNB token burn mechanism, the exchange said on Tuesday. Binance aims to reduce its circulating supply to 100,000,000 BNB through its BNB Auto-Burn procedure. Traders didn’t immediately respond to the latest burn by Binance.
Binance Completes 23rd BNB Token Quarterly Burn
According to the official announcement on April 14, Binance revealed burning 2,020,132.25 BNB tokens in the 23rd quarterly BNB token burn through the BNB Auto-Burn procedure. The latest BNB quarterly burn also includes 656.0230123 BNB burned through the Pioneer Burn Program.
The transaction data revealed that Binance burned nearly over 2 million BNB tokens worth around $676 million at around 08:00 AM UTC. Thus, Binance has removed over 2 million BNB from the circulating supply. Currently, the BNB token’s circulating supply is 155,851,695 BNB.
With the latest BNB burn, Binance has burned 46.148 million BNB tokens in total to date. The exchange uses an Auto-Burn system 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 2,009,639.84 BNB. However, the current data suggest that the number of BNB tokens is likely to increase in the 24th quarterly BNB token burn.
On January 17, Binance burned 2,064,494.32 BNB tokens worth $620 million in the 22nd quarterly BNB burn. The estimated 23rd quarterly BNB token burn at that time was 2,070,356.52 BNB.
Is BNB Price Rally Coming Next?
Typically, quarterly BNB token burn by Binance is generally followed by an increase in the BNB price. However, the BNB price fell slightly after the burn, giving up earlier gains.
BNB price soared 4% in the last 24 hours, with the price currently trading at $333. The 24-hour low and high are $321 and $335, respectively. The upside momentum is supported by a 40% increase in trading volume in the last 24 hours.
Also Read: Shib Burn Rate Spikes 30,000% As 1.5B Shiba Inu Burned In Single Transaction
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bipartisan Crypto Bill Talks Progress Even as Markup Is Delayed Until Next Year
- Bitcoin, Ethereum, and Solana to Hit New Highs in 2026, Predicts Crypto ETF Issuer Bitwise
- Fed’s Chris Waller Says Labor Market Is ‘Very Soft,’ Signaling Support for More Rate Cuts
- DeepSnitchAI Raising funds to Build AI Intelligence for Investors
- LINK Vs. XRP: Crypto Founder Lark Davis Reveals Who Will Win in the Next Decade
- Bitcoin Price Outlook: Capriole Founder Warns of a Drop Below $50K by 2028
- XRP Price Rare Pattern Points to a Surge to $3 as ETFs Cross $1B Milestone
- DOGE Whales Add 138M Coins in 24 Hours: Will Dogecoin Price Rebound Above $0.15?
- Ethereum Price Outlook Hinges on Whale Moves: Dump Below $2,800 or Reclaim Above $3K Next?
- Solana Price Outlook After Charles Schwab Adds SOL Futures — What Next?
- Pi Network Stares at a 20% Crash as Whale Buying Pauses and Demand Dries
