Binance CEO CZ joined the crypto community in celebrating the 25th quarterly burn of 2.14 million BNB tokens worth $453 million.
Binance CEO Changpeng “CZ” Zhao celebrated the 25th quarterly burn with the crypto community on X. According to the BNB burn portal, Binance, the world’s largest cryptocurrency exchange, destroyed 2.14 million BNB tokens worth $453 million in the 25th quarterly burn mechanism on October 16. Traders immediately reacted to the burn, causing the BNB price to rise by 3% within 24 hours.
Binance Completes 25th Quarter of BNB Token Burn
According to the official announcement, Binance destroyed 2.139 million BNB tokens in the 25th quarterly BNB destruction through the BNB automatic destruction program. The latest BNB quarterly destruction also includes 314.69 BNB destroyed through the Pioneer destruction program.
According to the destruction transaction, Binance removed another 2 million BNB tokens from the circulating supply. Currently, the circulating supply of BNB tokens is 151,705,885 BNB. Binance plans to control the circulating supply of BNB below 100 million through the BNB automatic destruction program.
As of now, the exchange has destroyed a total of 50.29 million BNB tokens. The exchange uses an automatic burning protocol to reduce the total circulating supply to 100,000,000 BNB. The mechanism calculates the amount of BNB to be destroyed based on the BNB price in the quarter and the number of blocks generated on the BNB Smart Chain (BSC).
According to 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 burned in Q26 may increase.
On July 19, Binance destroyed 1.99 million BNB tokens worth $619 million in the 24th quarter BNB burn. At the time, the estimated 25th quarter BNB burn was 2,097,345 BNB.
BNB price rises 3%
BNB price has increased by 3% in the past 24 hours and is currently trading at $213. The 24-hour low and high are $206.66 and $213.92 respectively. In addition, the trading volume has also increased by 82% in the past 24 hours, increasing the interest of traders.
The broader market also provided some upward momentum to BNB prices. Binance CEO said that BNB has fallen into deflation after Binance’s continuous destruction.
