Binance burned 1.99 million BNB worth 619 million USD in the 24th quarterly burn event.
According to a status update posted on the official Twitter account on July 18, Binance, the world’s largest cryptocurrency exchange, will conduct its quarterly BNB burn event today, August 19.
Binance’s burn portal has revealed that they burned 1.99 million BNB tokens in the 24th quarterly BNB burn event through the Auto-Burn BNB process.
In the previous quarterly burn event, BNB was burned through the Pioneer Burn Program.
The data indicates that Binance will burn nearly 2 million BNB tokens worth around 619 million USD. As a result, Binance will remove 2 million BNB tokens from the circulating supply. Currently, the circulating supply of this token is 155,848,103 BNB.
The cryptocurrency exchange has burned a total of 48 million BNB tokens up to the current time. Binance utilizes the Auto-Burn protocol to reduce the total circulating supply to 100,000,000 BNB. The calculation mechanism for the amount of BNB to be burned is based on the BNB price and the number of blocks generated on the BNB Smart Chain (BSC) within the quarter.
According to the BNB Burn Portal, the estimated value for the next burn is 2,097,345.77 BNB. However, current data suggests that the quantity of BNB tokens to be burned in the upcoming 25th quarterly burn has the potential to increase.
On April 14th, Binance burned 2,020,132.25 BNB tokens worth 542 million USD in the 23rd quarterly BNB burn. The estimated quantity of BNB tokens to be burned in the 24th quarterly BNB burn at that time was 2,009,639.84 BNB.
Typically, the price of BNB tends to increase after Binance burns BNB tokens quarterly.
The price of BNB has slightly decreased in the past 24 hours, currently trading at around $243.
However, the trading volume has increased slightly by 10% in the past 24 hours, indicating an increased interest from traders.