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BNB Price Surges 3% After Binanceâs 25th Quarterly Burn of 2.14 Million Tokens
Binance successfully carries out its 25th quarterly token burn, destroying 2.14 million BNB tokens valued at $453 million.Following the token burn, BNBâs market price saw a 3% surge within 24 hours.
A Closer Look at the BNB Burn Phenomenon
Binance, the worldâs predominant cryptocurrency exchange, recently celebrated its 25th quarterly BNB token burn. The event was championed by Binanceâs CEO, Changpeng âCZâ Zhao, who proudly shared the accomplishment with the crypto sphere. As of October 16, a considerable 2.14 million BNB tokens, equivalent to a staggering $453 million, were removed from circulation, as corroborated by the BNB burn portal. This significant burn sparked immediate reactions from traders, with the BNB token value escalating by 3% within a day.
Decoding the Binance Token Burn Strategy
Binanceâs dedication to reducing its tokenâs circulating supply is evident from its systematic quarterly burns. The 25th iteration saw 2.139 million BNB tokens taken out via the BNB Auto-Burn process. Notably, this count also incorporated 314.69 BNB tokens destroyed through the Pioneer Burn Program.
A broader perspective reveals Binanceâs ambitious objective: to limit BNBâs circulating supply to under 100 million. As of now, the active circulating supply is poised at 151,705,885 BNB. Their long-term strategy? The BNB Auto-Burn procedure, which has thus far incinerated a total of 50.29 million BNB tokens.
To newcomers, the term âburnâ might sound ambiguous. In the crypto domain, token âburningâ refers to the intentional removal of tokens from circulation, which can often lead to an appreciation in the tokenâs value due to decreased supply. Binance employs a meticulous Auto-Burn protocol, which calculates the quantity of BNB to be destroyed based on the tokenâs price and the blocks produced on the BNB Smart Chain (BSC) over the quarter.
â ď¸Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Binance #BNB $BNB
A Closer Look at the BNB Burn Phenomenon
Binance, the worldâs predominant cryptocurrency exchange, recently celebrated its 25th quarterly BNB token burn. The event was championed by Binanceâs CEO, Changpeng âCZâ Zhao, who proudly shared the accomplishment with the crypto sphere. As of October 16, a considerable 2.14 million BNB tokens, equivalent to a staggering $453 million, were removed from circulation, as corroborated by the BNB burn portal. This significant burn sparked immediate reactions from traders, with the BNB token value escalating by 3% within a day.
Decoding the Binance Token Burn Strategy
Binanceâs dedication to reducing its tokenâs circulating supply is evident from its systematic quarterly burns. The 25th iteration saw 2.139 million BNB tokens taken out via the BNB Auto-Burn process. Notably, this count also incorporated 314.69 BNB tokens destroyed through the Pioneer Burn Program.
A broader perspective reveals Binanceâs ambitious objective: to limit BNBâs circulating supply to under 100 million. As of now, the active circulating supply is poised at 151,705,885 BNB. Their long-term strategy? The BNB Auto-Burn procedure, which has thus far incinerated a total of 50.29 million BNB tokens.
To newcomers, the term âburnâ might sound ambiguous. In the crypto domain, token âburningâ refers to the intentional removal of tokens from circulation, which can often lead to an appreciation in the tokenâs value due to decreased supply. Binance employs a meticulous Auto-Burn protocol, which calculates the quantity of BNB to be destroyed based on the tokenâs price and the blocks produced on the BNB Smart Chain (BSC) over the quarter.
â ď¸Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Binance #BNB $BNB
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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