BNB Token Price Rises As Binance Eliminates 2.1M Tokens In Its Quarterly Burn
Portfolio Pulse from Khyathi Dalal
Binance (CRYPTO: BNB) has conducted its 25th quarterly BNB burn, eliminating 2.14 million BNB tokens equivalent to $501.7 million. The burn includes 314.69 BNB burned through the Pioneer Burn Program. The past hour saw a 1.2% rise in BNB price while the past 24-hour trade led to a 2.9% gain. The current circulating supply of BNB is 151.7 million, with plans to bring it under 100 million through its BNB Auto-Burn procedure. So far, it has burned 50.29 million BNB tokens in total.
October 16, 2023 | 4:19 pm
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Binance's 25th quarterly BNB burn has led to a short-term increase in the price of BNB. The burn reduces the circulating supply, which can create upward pressure on the price.
The burn of BNB tokens reduces the circulating supply, which can lead to an increase in price due to the principles of supply and demand. As the supply decreases and demand remains constant or increases, the price is likely to rise. This is reflected in the 1.2% rise in BNB price in the past hour and a 2.9% gain in the past 24 hours following the burn.
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