BNB

Binance Completes 24th Quarterly Burn: $44.61M Worth of $ BNB Removed From Circulation

by BSCN

July 19, 2023

With an average price of $310.99 per token, 1.99 million BNB tokens, valued at approximately $44.61 million, were permanently destroyed in this latest burn.

BNB Chain's Deflationary Drive Continues

Binance has successfully completed the 24th quarterly burn of its native BNB tokens through the BNB Automatic Burn procedure. According to the official announcement, the burn was carried out at an average price of $310.99 per token. A total of 1.99 million BNB tokens, worth approximately $44.61 million, were permanently destroyed during this burn event.

This marks a continuation of Binance's ongoing efforts to reduce the total circulating supply of BNB tokens, a deflationary mechanism aimed at increasing the token's scarcity and potential value. In comparison, the previous quarter's burn, the 23rd quarterly burn, eliminated 2.02 million BNB tokens at an average price of $268.46 per token.

The data provided by the BNBBurn platform reveals that since the initiation of the BNB burn program, a staggering 183.14 million BNB tokens, with an estimated value of $44.61 million, have been taken out of circulation.

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The platform's data also suggests that the upcoming 25th quarterly burn could involve the destruction of at least 2 million BNB tokens, which, at the current market price, would be worth a minimum of $512 million.

The exchange has set a long-term goal to reduce the total circulating supply to 100,000,000 BNB tokens. The data available on the BNB burn portal suggests that the estimated value of the upcoming 25th quarterly burn is 2,097,345.77 BNB tokens. However, it's essential to note that the circulating supply of BNB tokens is subject to fluctuations, and the actual number of tokens burned may vary.

$BNB is currently trading at $242.92, up 0.42% in 24 hours.

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What is BNB Chain:

Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.

Find more about BNB Chain here: