Binance CEO Changpeng "CZ" Zhao took a moment to mark the 25th quarterly token burn with the cryptocurrency community. In the latest round, the world's largest crypto exchange, Binance, burned 2.14 million BNB tokens, equivalent to $453 million, on October 16, as reported by the BNB burn portal. This event triggered an immediate reaction from traders, resulting in a 3% surge in the price of BNB within 24 hours.
Binance Completes Its 25th Quarterly BNB Token Burn
As per the official announcement, Binance conducted its 25th quarterly BNB token burn, incinerating 2.139 million BNB tokens through the BNB Auto-Burn procedure. Additionally, 314.69 BNB were burned through the Pioneer Burn Program.
This latest burn reduced the circulating supply of BNB by another 2 million tokens, according to the burn transaction. Presently, there are 151,705,885 BNB tokens in circulation. Binance has expressed its intent to bring the circulating supply of BNB below 100,000,000 tokens through the BNB Auto-Burn procedure.
Binance has now successfully burned a total of 50.29 million BNB tokens, employing an Auto-Burn protocol that aims 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 data from the BNB burn portal, the estimated value of the next burn is 2,180,464 BNB. However, current data suggests that the number of BNB tokens is likely to increase in the 26th quarterly BNB token burn.
BNB Price Experiences a 3% Surge
Over the past 24 hours, the price of BNB has seen a 3% increase, with the current trading price at $213. During this period, the price fluctuated between a low of $206.66 and a high of $213.92. Additionally, the trading volume has surged by 82% in the past 24 hours, indicating a growing interest among traders.
The broader cryptocurrency market has also contributed to the positive momentum in BNB's price. Binance CEO CZ mentioned that BNB has become deflationary due to the continuous burns conducted by Binance.
