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In line with its 24th quarterly burn, Binance burned a total of 1.99 million BNB tokens. The Auto-Burn system is utilized to carry out this burn to maintain the 100,000,000 token supply for BNB. The burned tokens have a fair market value of $484,160,000.
This is an initiative by Binance to lower the overall supply of BNB tokens in circulation. An Auto-Burn mechanism is used to carry out the burn, and it chooses how much BNB to burn based on the price and the number of blocks generated on the BNB Smart Chain. The exchange has destroyed 48 million BNB tokens overall.
Why Is The Quarterly Burn Required?
BNB was introduced in 2017, and a promise was made to burn 100 million BNB (or half of its supply) to remove them from circulation. Only 100 million BNB will eventually remain in circulation due to this. Each quarter, this commitment is automatically carried out and the Auto-Burn algorithm is used to determine the amount.
The BNB Auto-Burn offers a technique that can be objectively and independently audited. The method is separate from the Binance centralized exchange, and the numbers are provided every quarter. Additionally, BNB Chain is still using the Real-Time-Burn mechanism to burn a portion of its gas costs in real-time, Binance stated in a blog.
According to the BNB burn site, the following burn should eliminate about 2,097,345.77 BNB. However, current data suggest that BNB token prices will increase much more on the 25th quarterly token burn. On April 14, 2,020,132.25 BNB tokens were burned as part of Binance’s 23rd quarterly BNB burn, which was worth $542 million.
Is a Big Bull Rally Ahead for BNB Coin?
After Binance burns its BNB tokens every quarter, it is expected the price to show some bull movements. However, this time it was hardly the case. The price of BNB increased just 0.41% in the previous day and is now $242.22.
This small BNB’s price recovery also follows a sharp 25% decrease last week brought on by the SEC lawsuit against Binance, which referred to BNB as an “unregistered security.” Each time, the BNB price found good support near $220.If history repeats, this level should create an excellent purchase zone after the SEC-led price decline.
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