The BNB market is preparing for a key event: the quarterly token burn, which will take place in July. Binance plans to burn more than 1.6 million BNB, valued at almost $1 billion. This will be the 28th quarterly burn of the cryptocurrency. Although the exact date has not yet been confirmed, it generally occurs in the month following the close of the quarter. Previous burns were in April, January, October and July, with quantities of tokens removed ranging between 1.9 and 2.1 million.
Periodic BNB burns are important because they reduce the supply of tokens in circulation, which can increase their price if demand remains or grows. In addition to quarterly burns, BNB has an additional system that burns a portion of gas fees on each block on its network, BNB Chain. So far, 54.4 million BNB have been burned, with 147.5 million in circulation. BNB is currently trading around $570, 20% below its recent all-time high. Binance's continued momentum and regulatory adoption may continue to benefit BNB's value in the future.