BNB Chain Achieves 33rd Quarterly Burn, Eliminating Over 1.44M BNB Tokens

Key Points

• The 33rd BNB token burn has been completed, leading to a price surge in BNB.
• Over 1.44 million BNB worth around $1.208 billion was burned in this process.

The BNB Chain declared the successful completion of its 33rd BNB token burn on October 27. This announcement led to a noticeable increase in the price of BNB.

Details of the 33rd BNB Burn

As per the official statement, more than 1.44 million BNB, roughly valued at $1.208 billion, were burned. The equivalent BNB amount was transferred to the blackhole address 0x000000000000000000000000000000000000dEaD.

The transaction fee as shown by BSC Trace data was a minuscule 0.00000105 BNB, equivalent to $0.001214. It’s worth noting that the BNB Chain had previously announced a 50% reduction in the new minimum gas price.

Future BNB Burn and Other Key Points

The projected value for the next burn is nearly 1.24 million BNB, estimated to be worth around $1.41 billion. The remaining total supply of BNB stands at over 137.7 million tokens.

BNB transitioned from the Ethereum network to the BNB Chain following the mainnet launch on April 18, 2019. The BNB Chain operates under the philosophy of “Build and Build.”

BNB uses an Auto-Burn system to progressively reduce the total supply of 100 million BNB tokens. The burn amount is adjusted based on the price of BNB and the number of blocks generated on BSC during a quarter, ensuring full transparency and predictability. This mechanism operates independently of the Binance CEX.

BNB Price Movement on October 27

At the time of writing this article, BNB was trading above $1,167, marking an increase of over 3% in the past 24 hours.

The price of BNB spiked following the announcement by the BNB Chain. The total market cap of BNB is over $160.94 billion, and the 24-hour trading volume of BNB is over $3.87 billion, up by more than 68%.

BNB reached its new all-time high (ATH) on October 13 when it hit a price of over $1,370. It’s possible that BNB is heading towards a new ATH amidst a hopeful crypto market. This week is crucial for crypto, potentially shaping the market’s overall trajectory.