The world’s largest crypto exchange Binance burns 1.99 million BNB tokens in its 24th quarterly burn mechanism, according to the BNB burn portal. Binance plans to bring BNB circulating supply below 100,000,000 BNB burn automatically procedure. BNB price has been moving sideways near the $250 level for over a month during the Binance vs SEC lawsuit.
Binance Completes 24th Quarter BNB Token Burn
Binance informed Twitter on July 18 to announce the quarterly BNB burn taking place today. Binance Burn Portal Reveals Burning 1.99 Million BNB tokens in the 24th Quarterly BNB Token Burn through the BNB burn automatically procedure. The latest BNB quarterly burn also includes BNB produced by the Pioneer Burn program.
The data indicates that Binance will burn nearly 2 million BNB tokens worth approximately $619 million. Thus, Binance will remove another 2 million BNB tokens from its circulating supply. Currently, the circulating supply of the BNB token is 155,848,103 BNB.
The crypto exchange has burned a total of 48 million BNB tokens to date. The power station uses an Auto-Burn protocol to reduce the total circulating supply to 100,000,000 BNB. The mechanism calculates the amount of BNB to burn based on the BNB price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.
According to the BNB fire portal, the estimated value of the next burn is 2,097,345.77 BNB. However, current data suggests that the number of BNB tokens is likely to increase in the future 25th Quarterly BNB Token Burn.
On April 14, Binance burned 2,020,132.25 BNB tokens worth $542 million in its 23rd quarterly BNB burn. The estimated 24th quarterly BNB token burn at that time was 2,009,639.84 BNB.
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BNB price to recover?
Typically, the BNB price rises after a quarterly BNB token burn by Binance. However, BNB price continued to move sideways near the $250 level for over a month and is threatening to move lower.
The BNB price is down 1% in the last 24 hours with the price currently trading at $240.93. The 24-hour low and high are $240 and $246 respectively. However, trading volume has increased slightly by 10% in the last 24 hours, indicating increasing interest among traders.
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Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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This post Binance Burns 1.99 Million BNB Tokens Worth $619 Million, Will The Price Recover?
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