News

Breaking: Binance Burns Binance Coin (BNB) Worth $480 Million

The 24th quarterly BNB token burn, totaling 1,991,854.33 BNB, has been completed in accordance with the BNB Auto-Burn method.
Published by
Breaking: Binance Burns Binance Coin (BNB) Worth $480 Million

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. 

Advertisement

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. 

Advertisement

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.

Advertisement
Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Analyst Slams S&P’s ‘B-’ Rating for Strategy Inc, Says Bitcoin Treasury Model Is “Misunderstood”

Crypto market analyst Adam Livingston has sharply criticized S&P Global Ratings after the agency assigned…

October 28, 2025
  • News

Metamask Airdrop Countdown Begins as Wallet Team Registers Token Claim Domain

In a fresh development, a newly registered claim domain has led to speculations that the…

October 27, 2025
  • News

$2.5T Citigroup Partners With Coinbase to Enable Stablecoin Payments

Citigroup, a top U.S. bank with $2.5 trillion asset under management has partnered with Coinbase.…

October 27, 2025
  • News

Who Will Be the Next Fed Chair? Scott Bessent Confirms Final Five Candidates

U.S. Treasury Secretary Scott Bessent has confirmed the final shortlist of contenders to replace Jerome…

October 27, 2025
  • News

Mt. Gox Delays Repayments to 2026 as Trump-Backed American Bitcoin Adds 1,414 BTC

Mt. Gox has once again pushed back its long-awaited Bitcoin (BTC) creditor repayments by a…

October 27, 2025
  • News

Crypto ETFs Attract $1B in Fresh Capital Ahead of Expected Fed Rate Cut This Week

Crypto ETFs record nearly $1 billion in weekly inflows. This marks one of the strongest…

October 27, 2025