Binance Burns Over 2M BNB as It Perseveres in Plan to Reach 100M Supply
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In its 22nd quarterly token burn mechanism, Binance, the biggest cryptocurrency exchange in the world, burned 2,064,494.32 BNB tokens, the firm announced on Tuesday. Binance’s BNB Auto-Burn process aims to bring its circulating supply down to 100,000,000 BNB. The latest BNB burn by Binance took time to elicit a response from traders.
Additionally, 7,181.03 BNB from the Pioneer Burn Program is included in the most recent burn.
According to the transaction data, Binance burned over 2 million BNB tokens earlier today, for a total estimated value of $620 million. As a result, Binance has taken more than 2 million BNB out of circulation. The circulating supply of BNB tokens is at 157.9 million BNB at the moment.
Binance has now burned a total of 44.095 million BNB tokens after the most recent burn. Binance plans to reduce the total quantity in circulation to 100,000,000 BNB via its Auto-Burn method. The process determines how much BNB has to be burned based on the price of BNB and the volume of blocks produced on the BNB Smart Chain (BSC) during the quarter.
Latest Burn of Binance Coin Failed to Influence Traders
The expected cost of the next burn, according to the BNB burn portal, is 2,070,356.52 BNB. The most recent data, however, indicates that there will probably be more BNB tokens burned during the 23rd quarterly BNB token burn.
The price of Binance’s BNB token usually rises once it is burned. The last burn did not, however, prompt a quick response from traders.
The price of BNB has increased by 1.3% over the past 24 hours and is currently $302. Additionally, the trading volume of BNB has dropped by 2% during the past 24 hours, suggesting that traders are becoming less interested.
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