Binance CEO Celebrates 25th Quarterly 2.1 Million BNB Burn

Binance CEO Celebrates 25th Quarterly 2.1 Million BNB Burn

Binance CEO Changpeng “CZ” Zhao took to X to celebrate the 25th quarterly burn with the crypto community. The world’s largest crypto exchange Binance burned 2.14 million BNB tokens worth $453 million in the 25th quarterly burn mechanism on October 16, according to the BNB burn portal. Traders reacted immediately to the burn making BNB price jump 3% in 24 hours.

Binance Completes 25th Quarterly BNB Token Burn

According to the official announcement, Binance burned 2.139 million BNB tokens in the 25th quarterly BNB token burn through the BNB Auto-Burn procedure. The latest BNB quarterly burn also includes 314.69 BNB burned through the Pioneer Burn Program.

Binance removed another 2 million BNB tokens from the circulating supply, as per the burn transaction. Currently, the BNB token’s circulating supply is 151,705,885 BNB. Binance intends to bring BNB circulating supply under 100,000,000 through its BNB Auto-Burn procedure.

The crypto exchange has burned 50.29 million BNB tokens in total until now. The exchange uses an Auto-Burn protocol 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 the BNB burn portal, the estimated value of the next burn is 2,180,464 BNB. However, the current data suggest that the number of BNB tokens is likely to increase in the 26th quarterly BNB token burn.

On July 19, Binance burned 1.99 million BNB tokens worth $619 million in the 24th quarterly BNB burn. The estimated 25th quarterly BNB token burn at that time was 2,097,345 BNB.

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BNB Price Jumps 3%

BNB price has climbed 3% in the last 24 hours, with the price currently trading at $213. The 24-hour low and high are $206.66 and $213.92, respectively. Furthermore, the trading volume has also increased 82% in the past 24 hours, increasing a rise in interest among traders.

The broader market also brings some upside momentum to BNB price. Binance CEO said BNB has become deflationary after continuous burns by Binance.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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