The world’s largest crypto exchange Binance burned 2,020,132.25 BNB tokens in its 23rd quarterly BNB token burning mechanism, the exchange said on Tuesday. Binance aims to reduce its circulating supply through it to 100,000,000 BNB BNB burn automatically procedure. Traders did not immediately react to Binance’s latest burnout.

Binance Completes 23rd BNB Token Quarterly Burn

According to the official announcement on April 14, Binance revealed fires 2,020,132.25 BNB Tokens in the 23rd Quarterly BNB Token Burn through the BNB burn automatically procedure. The latest BNB quarterly burn also includes 656.0230123 BNB burned by the Pioneer Burn program.

The transaction data revealed that Binance had burned nearly over 2 million BNB tokens worth approximately $676 million at around 08:00 UTC. For example, Binance has withdrawn more than 2 million BNB from its circulating supply. Currently, the circulating supply of the BNB token is 155,851,695 BNB.

With the latest BNB burn, Binance has burned a total of 46.148 million BNB tokens so far. The exchange uses an Auto-Burn system 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 2,009,639.84 BNB. However, current data suggests that the number of BNB tokens is likely to increase in the future 24th Quarterly BNB Token Burn.

On January 17, Binance burned 2,064,494.32 BNB tokens worth $620 million in its 22nd quarterly BNB burn. The estimated 23rd quarterly BNB token burn at that time was 2,070,356.52 BNB.

Will there be a BNB price rally?

Typically, Binance’s quarterly BNB token burn is generally followed by an increase in the BNB price. However, the BNB price fell slightly after the burn, giving up previous gains.

The BNB price is up 4% in the past 24 hours with the price currently trading at USD 333. The 24-hour low and high are $321 and $335 respectively. The upside momentum is supported by a 40% increase in trading volume over the past 24 hours.

Also Read: Shib Burn Rate Increases 30,000% As 1.5 Billion Shiba Inu Are Burned In One Transaction

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

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