Binance, the world’s largest cryptocurrency exchange, has just completed its 25th quarterly burn, torching a staggering $453 million worth of its native BNB tokens. This move, celebrated by Binance CEO Changpeng CZ Zhao on X, marks another milestone in the exchange’s ongoing effort to reduce the circulating supply of BNB tokens.
Deflationary #BNB https://t.co/pPvFHRh44M
— CZ 🔶 Binance (@cz_binance) October 16, 2023
The 25th quarterly burn, conducted through the BNB Auto-Burn procedure, saw 2.14 million BNB tokens incinerated. Additionally, 314.69 BNB tokens were eliminated through the Pioneer Burn Program. As a result, the circulating supply of BNB tokens has been further reduced, currently standing at 151,705,885 BNB. Binance has set its sights on bringing this figure below 100,000,000 BNB through its Auto-Burn protocol.
To date, Binance has burned an impressive total of 50.29 million BNB tokens. This ongoing process is essential in making BNB a deflationary cryptocurrency, with each burn driven by a formula based on the BNB price and the number of blocks generated on the BNB Smart Chain during the quarter.
The estimated value of the next burn is projected to be approximately 2,180,464 BNB. However, data suggests BNB tokens may rise in the 26th quarterly burn.
The impact of this burn event has been noticeable in the market, with BNB’s price surging by 3% in the last 24 hours, currently trading at $213. The trading volume has also seen an 82% increase, reflecting growing interest among traders. Moreover, the broader cryptocurrency market’s momentum has contributed to BNB’s positive price movement.
In conclusion, Binance’s quarterly token burns remain a focal point for the crypto community, reducing the circulating supply of BNB tokens and impacting their market value. As Binance strives to make BNB deflationary, these burn events will remain closely watched by cryptocurrency enthusiasts and investors alike.
