The world’s largest crypto exchange Binance burned 2,064,494.32 BNB tokens in its 22nd quarterly 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 didn’t immediately react to Binance’s latest BNB burn.
Binance Completes 22nd Quarterly BNB Burn
According to an official announcement on January 17, Binance revealed that 2,064,494.32 BNB tokens had been burned 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 that Binance burned nearly over 2 million BNB tokens at 08:00 UTC, worth approximately $620 million. For example, Binance has withdrawn more than 2 million BNB from its circulating supply. Currently, the circulating supply of the BNB token is 157,904,427 BNB.
With the latest BNB burn, Binance has burned a total of 44.095 million BNB tokens so far. 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 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 2,070,356.52 BNB. However, current data suggests that the number of BNB tokens is likely to increase in the 23rd Quarterly BNB Token Burn.
Also Read: This Is How Much Your $1000 Investment In Binance Coin Will Be Worth When BNB Reaches $500
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 latest burn.
The BNB price is up almost 1% in the last 24 hours and the price is currently trading at USD 301.12. The 24-hour low and high are $294.18 and $302.16, respectively. In addition, the trading volume has decreased by 2% in the past 24 hours, indicating a decrease in interest among traders.
Also Read: Coinbase Faces Class Action Lawsuit Over Flare Airdrop Issue
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