Binance, the leading cryptocurrency exchange, has completed its 27th quarterly token burn, a crucial step in its mission to reduce the total supply of its native token, BNB. 🔥
The latest burn removed 2,141,487.27 BNB tokens from circulation, valued at approximately $636 million USD. 💰
Executed through the BNB Chain's Auto-Burn mechanism, the process is auditable and objective, adjusting the burn amount based on token price and blocks generated on the BNB Smart Chain (BSC) during the quarter. 🔄
The ultimate goal is to decrease the total supply of BNB to 100 million tokens, with the current supply at 149,532,856 BNB. Binance is halfway to its target, aiming to remove 100 million tokens from circulation. 🎯
The impact on BNB's price has been notable, with the coin exhibiting a neutral trend before surging approximately 110% amid market volatility.
📈 Currently trading between $506.5 and $635, BNB has seen positive gains over the past week (11.43%), month (10.12%), and Year-to-Date (YTD) (94.58%). 📈
Technical indicators, such as the MACD, suggest increased buying pressure and a bullish outlook for the BNB price.
📊 If bullish momentum persists, BNB could test resistance at $635 and aim for its previous ATH of $690.9. 🚀 Conversely, a trend reversal may see BNB test support levels at $569.5 and $506.5. 📉
In summary, Binance's commitment to reducing BNB's total supply through quarterly burns is closely monitored by the crypto community for its impact on the token's scarcity and value. 🔍