The post Binance Executes 25th Quarterly BNB Burn Program appeared on BitcoinEthereumNews.com.

Binance has announced the completion of its 25th quarterly BNB burn, with the community now bracing for bullish price action. The company’s quarterly burn program has been running since October 2017, when it was introduced as a mechanism to eliminate 100 million BNB tokens (equivalent to half of its total supply) from circulation. Binance Burns $453 Million Worth of Tokens Binance’s official X (Twitter) account announced: “#Binance completes the 25th Quarterly #BNB Burn! 🔥 2.14m #BNB has been burned 🔥” BNB burn announcement. Source: X (Twitter) The 2.14 million BNB tokens are equivalent to over $453 million based on the current market price. The company decides the amount of the BNB to be burned through the token’s price and the number of blocks generated on the BNB chain. Read more: What Is BscScan? A Guide to Using The Blockchain Explorer This BNB burn also includes 314.69 tokens burned through the company’s Pioneer Burn program. If active users of the BNB chain can prove that they mistakenly sent the BNB tokens to the wrong address, Binance may cover up the losses for some users and consider the lost tokens as a part of the BNB burn program. The previous quarterly BNB burn was conducted on July 19, when Binance removed 1.99 million BNB tokens from supply. Community Hopes for Positive Price Action It is a commonly known fact that if the supply of the asset decreases while demand remains the same, or if demand increases, the price of that asset is bound to surge. Through the BNB burn, Binance is aiming to decrease the supply of the token. Hence, community members anticipate an increase in the BNB token’s price. However, the BNB price action is testing an important support zone. Read more: Cryptocurrency Trading Courses Tailored for Beginners On the weekly…

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Filed under: News - @ October 16, 2023 4:20 pm