Crypto exchange Binance burned 2,064,494.32 BNB tokens worth $620 million in the 22nd quarterly token burn mechanism.
The world’s largest crypto exchange Binance burned 2,064,494.32 BNB tokens in the 22nd quarterly 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 BNB burn by Binance.
Binance Completes 22nd Quarterly BNB Burn
According to an official announcement on January 17, Binance revealed burning 2,064,494.32 BNB tokens in the 22nd quarterly BNB token burn. The latest burn also includes 7,181.03 BNB through the Pioneer Burn Program.
The transaction data shows Binance burning nearly over 2 million BNB tokens, worth around $620 million, at 08:00 AM UTC. Thus, Binance has removed over 2 million BNB from the circulating supply. Currently, the BNB token’s circulating supply is 157,904,427 BNB.
With the latest BNB burn, Binance has burned 44.095 million BNB tokens in total to date. Binance 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 2,070,356.52 BNB. However, the current data suggest that the number of BNB tokens to likely increase in the 23rd quarterly BNB token burn.
BNB Price to Rally?
BNB token burn by Binance is generally followed by an increase in the BNB price. However, traders did not immediately react to the last burn.
BNB price is up nearly 1% in the last 24 hours, with the price currently trading at $301.12. The 24-hour low and high are $294.18 and $302.16, respectively. Furthermore, the trading volume has decreased by 2% in the last 24 hours, indicating a decline in interest among traders.
Source : bitcoinist
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