Binance To Burn 1.99 Million BNB Tokens Worth $619M, Will Price Recover?

The world’s largest crypto exchange Binance to burn 1.99 million BNB tokens in the 24th quarterly burn mechanism, according to the BNB burn portal. Binance intends to bring BNB circulating supply under 100,000,000 through its BNB Auto-Burn procedure. BNB price is moving sideways near the $250 level for over a month amid Binance vs SEC lawsuit.

Binance Completes 24th Quarterly BNB Token Burn

Binance took to Twitter on July 18 to announce the quarterly BNB burn happening today. Binance burn portal reveals burning 1.99 million BNB tokens in the 24th quarterly BNB token burn through the BNB Auto-Burn procedure. The latest BNB quarterly burn also includes BNB burned through the Pioneer Burn Program. 

The data indicates that Binance to burn nearly 2 million BNB tokens worth around $619 million. Thus, Binance will remove another 2 million BNB tokens from the circulating supply. Currently, the BNB token’s circulating supply is 155,848,103 BNB.

The crypto exchange has burned 48 million BNB tokens in total until now. The exchange uses an Auto-Burn protocol to reduce the total circulating supply to 100,000,000 BNB. The mechanism calculates the amount of BNB to be burned based on the BNB price and the number of blocks generated on the BNB Smart Chain (BSC) during the quarter.

According to the BNB burn portal, the estimated value of the next burn is 2,097,345.77 BNB. However, the current data suggest that the number of BNB tokens is likely to increase in the 25th quarterly BNB token burn.

On April 14, Binance burned 2,020,132.25 BNB tokens worth $542 million in the 23rd quarterly BNB burn. The estimated 24th quarterly BNB token burn at that time was 2,009,639.84 BNB.

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BNB Price to Recover?

Typically, BNB price increases after a quarterly BNB token burn by Binance. However, the BNB price continued to move sideways for over a month near the $250 level and risks falling lower.

BNB price fell 1% in the last 24 hours, with the price currently trading at $240.93. The 24-hour low and high are $240 and $246, respectively. However, the trading volume has increased slightly by 10% in the last 24 hours, indicating a rise in interest among traders.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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