Binance CEO Changpeng “CZ” Zhao recently utilized the platform to commemorate the 25th quarterly token burn event with the cryptocurrency community. According to reports from the BNB burn portal, on Oct 16, the renowned cryptocurrency exchange executed its 25th quarterly token burn, where they incinerated 2.14 million BNB tokens valued at $453 million. This significant event immediately impacted the market, driving a remarkable surge of 3% in the price of BNB within just 24 hours.
According to the official statement, Binance recently completed its 25th quarterly BNB token burn. This particular burn involved the destruction of 2.139 million BNB tokens through the implementation of the BNB Auto-Burn mechanism. The Pioneer Burn Program consumed 314.69 BNB tokens in this latest quarterly burn.
Binance recently carried out a token burn, eliminating 2 million BNB tokens from the overall circulating supply. As a result, the current circulation of BNB tokens has been reduced to 151,705,885. With its BNB Auto-Burn mechanism, Binance aims to further decrease the circulating supply of BNB tokens to below 100 million.
Binance Ongoing Battle: 50.29 Million BNB Tokens Up In Smoke
The cryptocurrency exchange has successfully burned 50.29 million Binance Coin (BNB) tokens to date. To reduce the overall circulating supply of BNB to 100,000,000, the exchange utilizes an Auto-Burn protocol. This innovative protocol calculates the amount of BNB to be incinerated based on the current BNB price and the total number of blocks generated on the Binance Smart Chain (BSC) each quarter.
According to the BNB burn portal, it has been reported that the projected figure for the upcoming token burn stands at 2,180,464 BNB. The current data trends suggest an expected increase in the quantity of BNB tokens during the 26th quarterly BNB token burn event.
During the 24th quarterly BNB burn event on July 19, Binance successfully eliminated 1.99 million BNB tokens, valued at a remarkable $619 million. At that point in time, we projected that the subsequent 25th quarterly BNB token burn would encompass approximately 2,097,345 BNB.
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