Crypto News– Binance’s CEO, Changpeng “CZ” Zhao, recently shared his enthusiasm with the crypto community to mark the 25th quarterly token burn event. This milestone saw the world’s largest cryptocurrency exchange, Binance, incinerate a staggering 2.14 million BNB tokens, valued at an impressive $453 million, as part of their ongoing token burn mechanism on October 16, as reported by the BNB burn portal. The reaction from traders was immediate, as this token burn catalyzed a 3% surge in the price of BNB within just 24 hours.
Binance CEO Celebrated: Marks 25th Quarterly Incineration of 2.1 Million BNB Tokens, Resulting in Price Rebound
According to the official announcement, Binance executed the burn by eliminating 2.139 million BNB tokens through the 25th quarterly BNB token burn, facilitated by the BNB Auto-Burn process. Notably, this latest quarterly burn also included 314.69 BNB tokens that were removed via the Pioneer Burn Program.
With this latest transaction, Binance effectively reduced the circulating supply of BNB by an additional 2 million tokens. As a result, the current circulating supply of BNB stands at 151,705,885 BNB. Binance’s strategic objective remains to bring the BNB circulating supply below 100,000,000 through continued application of the BNB Auto-Burn process.
This 25th quarterly token burn event contributes to Binance’s ongoing initiative to decrease the total circulating supply of BNB. The Auto-Burn protocol employed by the exchange calculates the quantity of BNB to be incinerated based on the BNB price and the number of blocks generated on the BNB Smart Chain (BSC) during the respective quarter.
While the estimated value of the next burn, as per the BNB burn portal, is approximately 2,180,464 BNB, it is essential to note that current data trends indicate a potential increase in the number of BNB tokens for the upcoming 26th quarterly BNB token burn.
Leave a comment