BNB Foundation Completes Its 29th Quarterly Token Burn, Removing Over $1 Billion Worth of BNB From Circulation

This is part of BNB Chain’s Auto-Burn initiative, designed to reduce the total token supply and support the token’s market value.

BNB Foundation Completes 29th Token Burn, Removing $1.07B Worth of BNB from Circulation

The BNB Foundation has completed its 29th quarterly token burn, removing over 1.77 million BNB from circulation, which is valued at roughly $1.07 billion at the time of the burn. This burn is part of BNB Chain’s Auto-Burn initiative, which aims to reduce the total token supply and support the token’s market value.

The burn included an adjustment to address past technical discrepancies. Of the total burned, 1,710,142.733 BNB was burned as part of the Auto-Burn program, while an additional 62,569.63 BNB was burned for BTokens.

The BTokens adjustment pertains to tokens that were previously reimbursed through BNB’s Pioneer Burn Program, which assists users who lost assets on the Binance Smart Chain (BSC). Some of these BTokens were inadvertently left out of previous burn cycles but were included in this one.

The Auto-Burn program will continue until the circulating supply reaches 100 million BNB. With 43.5 million tokens left to be burned, BNB Chain is set on reducing the supply further. The total BNB supply now stands at 144,099,981.1.

BNB Price Action After the Burn: Facing Resistance at $586

Following the latest burn, BNB has seen a slight downward movement. At the time of writing, BNB is trading at around $578.55, down by 1.48% in the last 24 hours.

After encountering resistance at $586, BNB has struggled to hold this level, indicating a potential breakout or breakdown in the coming days.

If BNB manages to break above $586 with strong volume, it could signal an upward trend, pushing toward the next resistance at $590.

On the support side, BNB has consistently bounced from the $573 mark, indicating strong buying interest at this level. If BNB declines further, it may encounter support around $570 and $565, which have historically provided stability.

BNB’s price fluctuations suggest a consolidation phase, which may result in either a breakout or a breakdown. Good luck trading!