{"id":543373,"date":"2023-07-19T16:00:02","date_gmt":"2023-07-19T16:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=543373"},"modified":"2024-06-11T13:08:51","modified_gmt":"2024-06-11T13:08:51","slug":"binance-burns-480-million","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-burns-480-million\/","title":{"rendered":"Binance Burns $480 Million In BNB, Will Price Recover?"},"content":{"rendered":"

Binance, the world\u2019s largest cryptocurrency exchange, just completed its quarterly BNB burn, destroying $480 million worth of its native BNB token. According to the company’s blog <\/span>post<\/span><\/a>, 1,991,854.33 BNB was recently burned in its 24th quarterly BNB burn, with 747.51 BNB going through the Pioneer Burn Program.<\/span><\/p>\n

Binance Completes 24th Quarterly BNB Burn<\/h2>\n

BNB Chain\u2019s token-burning events are not new and have become somewhat of a routine. BNB has an auto-burn protocol that removes a predetermined amount of BNB from the crypto market every quarter of the year.<\/span><\/p>\n

Related Reading: USDC Market Cap Drops As Redemptions Climb To $1.4 Billion<\/a><\/div>\n

The number to be burned each quarter is determined by the price of BNB and the number of blocks mined on the BSC blockchain. With the circulating supply of BNB now at 153.8 million, the latest 24th burn represents 1.2% of the total supply.<\/span><\/p>\n

The initial total supply of BNB was 200 million BNB, but the supply is gradually decreasing due to the regular coin burn events. According to Binance, the auto-burn protocol will continue until its total supply is 100 million BNB.<\/span><\/p>\n

\n

Earlier today, #Binance<\/a> completed the 24th quarterly #BNB<\/a> token burn of 1,991,854 BNB through BNB Auto-Burn.<\/p>\n

Not sure what the BNB Auto-Burn is?<\/p>\n

Give this a read \ud83d\udc47 https:\/\/t.co\/C5wlki9Lmb<\/a><\/p>\n

\u2014 Binance (@binance) July 19, 2023<\/a><\/p><\/blockquote>\n

$480 Million In BNB Destroyed: The Impact On Price And Supply<\/h2>\n

For BNB holders, token burns are usually a reason to celebrate since they reduce the total BNB supply and should make the cryptocurrency more valuable. In the days following the burn, the BNB price may increase slightly as the circulating supply drops. However, these price spikes are often temporary. At this time, the BNB price barely budged despite the burn.\u00a0<\/span><\/p>\n

\"Binance<\/p>\n

BNB price fails to move despite latest burn | Source: BNBUSD on TradingView.com<\/a><\/pre>\n
After hitting an all-time high of around $600 in September 2021, BNB has declined along with the rest of the crypto market. At its peak, the market cap of BNB went over $90 billion, making it the third-largest cryptocurrency behind Bitcoin and Ethereum.\u00a0<\/span><\/p>\n
Now, the cryptocurrency has been ranging between $300 and $200 since the beginning of the year, bringing its market cap to $37.1 billion. With its current market cap, the coin is now the 5th-largest cryptocurrency after XRP overtook it to claim the fourth position.\u00a0<\/span><\/p>\n
With less BNB floating around, the remaining tokens should become more scarce and valuable. However, scheduled or routine coin burns tend to have a negligible impact on price over the long run, as evidenced by BNB\u2019s performance over the last day.\u00a0<\/span><\/p>\n
Related Reading: ARK Invest CEO Says Firm Is Still Bullish On Coinbase Despite Selling COIN Stocks<\/a><\/div>\n
While the burn is meant to be a bullish event for BNB holders, the price hasn’t skyrocketed immediately as many investors had hoped. Considering the price of BNB is affected by various market conditions, past burns have had different outcomes on BNB.\u00a0<\/span><\/p>\n
The cryptocurrency is currently trading at $241.84 and is down by 2.39% over a 7-day timeframe. Trading volume in the past 24 hours is also down by 17.91% to $585 million.<\/span><\/p>\n
Featured image from Currency.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Binance, the world\u2019s largest cryptocurrency exchange, just completed its quarterly BNB burn, destroying $480 million worth of its native BNB token. According to the company’s blog post, 1,991,854.33 BNB was recently burned in its 24th quarterly BNB burn, with 747.51 BNB going through the Pioneer Burn Program. Binance Completes 24th Quarterly BNB Burn BNB Chain\u2019s token-burning events are not new and have become somewhat of a routine. BNB has an auto-burn protocol that removes a predetermined amount of BNB from the crypto market every quarter of the year. Related Reading: USDC Market Cap Drops As Redemptions Climb To $1.4 Billion The number to be burned each quarter is determined by the price of BNB and the number of blocks mined on the BSC blockchain. With the circulating supply of BNB now at 153.8 million, the latest 24th burn represents 1.2% of the total supply. The initial total supply of BNB was 200 million BNB, but the supply is gradually decreasing due to the regular coin burn events. According to Binance, the auto-burn protocol will continue until its total supply is 100 million BNB. Earlier today, #Binance completed the 24th quarterly #BNB token burn of 1,991,854 BNB through BNB Auto-Burn. Not sure what the BNB Auto-Burn is? Give this a read \ud83d\udc47 https:\/\/t.co\/C5wlki9Lmb \u2014 Binance (@binance) July 19, 2023 $480 Million In BNB Destroyed: The Impact On Price And Supply For BNB holders, token burns are usually a reason to celebrate since they reduce the total BNB supply and should make the cryptocurrency more valuable. In the days following the burn, the BNB price may increase slightly as the circulating supply drops. However, these price spikes are often temporary. At this time, the BNB price barely budged despite the burn.\u00a0 BNB price fails to move despite latest burn | Source: BNBUSD on TradingView.com After hitting an all-time high of around $600 in September 2021, BNB has declined along with the rest of the crypto market. At its peak, the market cap of BNB went over $90 billion, making it the third-largest cryptocurrency behind Bitcoin and Ethereum.\u00a0 Now, the cryptocurrency has been ranging between $300 and $200 since the beginning of the year, bringing its market cap to $37.1 billion. With its current market cap, the coin is now the 5th-largest cryptocurrency after XRP overtook it to claim the fourth position.\u00a0 With less BNB floating around, the remaining tokens should become more scarce and valuable. However, scheduled or routine coin burns tend to have a negligible impact on price over the long run, as evidenced by BNB\u2019s performance over the last day.\u00a0 Related Reading: ARK Invest CEO Says Firm Is Still Bullish On Coinbase Despite Selling COIN Stocks While the burn is meant to be a bullish event for BNB holders, the price hasn’t skyrocketed immediately as many investors had hoped. Considering the price of BNB is affected by various market conditions, past burns have had different outcomes on BNB.\u00a0 The cryptocurrency is currently trading at $241.84 and is down by 2.39% over a 7-day timeframe. Trading volume in the past 24 hours is also down by 17.91% to $585 million. Featured image from Currency.com, chart from TradingView.com<\/p>\n","protected":false},"author":594,"featured_media":543379,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,13291,11427,84501,86483,79524,79611],"class_list":["post-543373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-binance-coin","tag-bnb","tag-bnb-burn","tag-bnb-price","tag-bnbusd","tag-bnbusdt"],"acf":[],"yoast_head":"\nBinance Burns $480 Million In BNB, Will Price Recover?<\/title>\n<meta name=\"description\" content=\"Binance, the world\u2019s largest cryptocurrency exchange, just completed its quarterly BNB burn, destroying $480 million worth of its native BNB token.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Binance Burns $480 Million In BNB, Will Price Recover?","url":"http:\/\/wncen.com\/news\/binance-burns-480-million\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/binance-burns-480-million\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Binance-Coin-BNB-.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Binance-Coin-BNB-.jpeg?fit=834%2C694"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","binance coin","bnb","bnb burn","bnb price","bnbusd","bnbusdt"],"dateCreated":"2023-07-19T16:00:02Z","datePublished":"2023-07-19T16:00:02Z","dateModified":"2024-06-11T13:08:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Binance Burns $480 Million In BNB, Will Price Recover?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-burns-480-million\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-burns-480-million\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Binance-Coin-BNB-.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Binance-Coin-BNB-.jpeg?fit=834%2C694\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"binance coin\",\"bnb\",\"bnb burn\",\"bnb price\",\"bnbusd\",\"bnbusdt\"],\"dateCreated\":\"2023-07-19T16:00:02Z\",\"datePublished\":\"2023-07-19T16:00:02Z\",\"dateModified\":\"2024-06-11T13:08:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Binance-Coin-BNB-.jpeg?fit=834%2C694","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/543373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=543373"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/543373\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/543379"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=543373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=543373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=543373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}