Binance’s 22nd coin burn has removed from circulation 2 million BNB worth an estimated $575 million.
Crypto exchange Binance has announced that it successfully carried out its twenty-second coin burn resulting in the removal from circulation of 2,064,494.32 BNB worth an estimated $575,458,677.
Binance Coin Burns Aim to Reduce BNB’s Total Supply to 100 Million
The quarterly BNB coin burns have been around since Binance was launched in 2017. Their main goal is to halve the initial 200 million BNB issued during the Binance ICO (initial coin offering).
Data from Coinmarketcap.com shows that there is a total of 159.9 million BNB still in circulation, meaning that Binance is almost halfway through its mission of reducing the digital asset’s total supply to 100 million.
Binance Coin (BNB) Has Pumped by 42.6% since mid-December
Concerning price action, Binance Coin has had an eventful first few days of 2023. The digital asset opened the month and year at a value of $246.3 and pumped by 27.64% to hit a local peak of $314.4 on Saturday, January 14th. Binance Coin had set a local low of $220 in mid-December, indicating that it pumped by 42.9% in about a month.
Further checking the one-day BNB/USDT chart below, it can be observed that Binance Coin is working towards turning the $300 psychological price level into support. In addition, Binance Coin is in bullish territory above the 50-day (red), 100-day (yellow), 200-day (green) and 200-week (black) moving averages.
However, its daily MFI (green), MACD and RSI (red) point towards an overbought scenario that could result in consolidation at its current levels of $300 or a drop to lower levels.
If a pullback happens for BNB, the following price areas will act as support for the digital asset.
- $292
- $280
- $260
- $256
- $250
Source : bsc.medium
