Binance CEO CZ is celebrating the 25th quarterly burn of 2.14 million BNB tokens, which are valued at $453 million, along with the crypto community.
Binance CEO Changpeng “CZ” Zhao celebrated the 25th quarterly token burn with the crypto community. Binance, the world’s largest crypto exchange, burned 2.14 million BNB tokens valued at $453 million on October 16, as reported by the BNB burn portal. This move caused an immediate 3% price increase in BNB, according to traders’ reactions.
Binance’s 25th Quarterly BNB Token Burn Completed
Binance recently conducted its 25th quarterly BNB token burn, removing 2.139 million BNB tokens through the BNB Auto-Burn process. This burn also included 314.69 BNB tokens through the Pioneer Burn Program. As a result, 2 million BNB tokens were taken out of circulation. Currently, the circulating supply of BNB stands at 151,705,885 BNB. Binance’s goal is to bring the circulating supply under 100,000,000 BNB through its Auto-Burn process.
Binance has burned a total of 50.29 million BNB tokens so far, using an Auto-Burn protocol that calculates the amount to be burned based on the BNB price and the number of blocks generated on the BNB Smart Chain during the quarter.
The BNB burn portal estimates the next burn to be around 2,180,464 BNB, but the current data suggests that the number of BNB tokens is likely to increase in the 26th quarterly BNB token burn. In the 24th quarterly burn, which occurred on July 19, Binance burned 1.99 million BNB tokens valued at $619 million, with an estimated 25th quarterly burn of 2,097,345 BNB at that time.
BNB Price Surges 3%
In the past 24 hours, the price of BNB has risen by 3%, and it’s currently trading at $213. During this period, the price fluctuated between a low of $206.66 and a high of $213.92. Additionally, trading volume has increased by 82% in the past day, indicating growing interest from traders.
The broader cryptocurrency market is also contributing to the upward momentum in BNB’s price. Binance’s CEO mentioned that BNB has become deflationary due to the continuous burns conducted by Binance.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
