An important milestone has occurred for the world’s largest cryptocurrency exchange. Binance has completed its 25th quarterly BNB (Binance Coin) burn. This removed 2.14 million BNB tokens from circulation, equivalent to approximately $453 million. This quarterly event marks Binance’s move to reduce the supply of BNB tokens and support its ecosystem. Here are the details…
Big burn for Binance Coin
The official announcement of the 25th BNB burn was made by Binance on its website on October 16. The exchange carried out this burn through the BNB automatic burn procedure, marking the 7th successful implementation of this innovative mechanism. The automatic burning process is based on a formula that calculates the number of BNB tokens to burn based on the current BNB price and the number of blocks produced in a three-month period. The ultimate goal of these regular burns is to remove 100 million BNB tokens from circulation, which constitutes 50% of the initial 200 million BNB supply.
#Binance completes the 25th Quarterly #BNB Burn!
🔥 2.13m #BNB has been burned 🔥 pic.twitter.com/26P2UFKvEd
— Binance (@binance) October 16, 2023
According to market data, 2,139,182 BNB tokens were burned in this latest burn, bringing the total number of destroyed tokens closer to this ambitious target. The immediate reaction of the market to the 25th BNB burn was remarkable. CoinGecko data reveals that the price of BNB experienced a 2.6% increase in the last 24 hours following the burn announcement. This increase may also have been influenced by the rising value of Bitcoin (BTC), which is the primary driver in the cryptocurrency market. A combination of factors is also possible, such as the positive sentiment generated by Binance’s commitment to reduce token supply.
What’s next for BNB?
Meanwhile, due to its statistically significant correlation with Bitcoin, Binance Coin has also seen an increase in open interest since the month began. According to data from Coinglass, BNB’s open position, which was $353.88 million at press time, has increased by 11% since October 1. On-chain data firm Santiment noted in a recent post on
At the time of writing, BNB is trading at $212.7, demonstrating its durability and market appeal. Binance continues to be a leading force in the cryptocurrency industry. His quarterly BNB burns indicate his desire to maintain a robust and sustainable ecosystem. This latest burn further solidifies Binance’s leading position in the crypto space. It will be interesting to see how these periodic token burns will affect the future of BNB and its price.
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