The price of BNB, the native token of the BNB Chain, rose 3% in the past 24 hours, climbing to $1,168 after the completion a $1.69 billion token burn, the largest quarterly burn in U.S. dollar terms to date for the token.
The price recovery came after a volatile week marked by sharp selloffs, shifting technical trends, and a market capitalization shakeup that saw BNB briefly lose its third place — excluding stablecoins — to XRP after the latter’s outperformance.
The BNB Foundation said it destroyed over 1.44 million BNB tokens as part of its 33rd auto-burn, reducing the total supply to just under 138 million. The mechanism, designed to gradually bring supply down to 100 million, adjusts each quarter based on BNB price and activity on the BNB Chain.
The burn added some momentum to the price, enough to reverse the broader shift in crypto rankings. XRP now holds a market cap of $157.6 billion, just behind BNB’s $161 billion, per CoinMarketCap data.
Still, both of these tokens have been outperforming the wider cryptocurrency market, which as measured by the CoinDesk 20 (CD20) index rose 1.15% in the last 24-hour period.
BNB’s price action showed strength after opening at $1,134.46, with steady gains through the early hours and volume hitting $10.17 million by late morning. Still, some traders remain wary. Recent sessions have included failed breakouts and lower highs, signs of short-term uncertainty despite the burn-driven bump.
If BNB can hold above $1,150, it may stabilize, according to CoinDesk Research’s technical analysis data model. But broader positioning now hinges on whether the token can reassert itself both technically and in investor sentiment.
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