Skip to content
Crypto News Focus logo CNF_CRYPTO_NEWS_FOCUS_LOGO 8

Crypto News Focus

your day to day crypto news site

Primary Menu
  • Home
  • News
    • Bitcoin News
    • Ripple XRP news
    • Ethereum News
    • Cardano News
    • Shiba Inu News
    • Pi Network News
    • More
  • Analysis
  • PR Desk
  • About Us
  • General Policy & Privacy
  • Guides
    • Bitcoin Guides
    • Pi Network Guide
    • Cardano Guide
  • Politics
  • Tech
  • Home
  • Blog
  • Massive Binance(BNB) Burn: 1.6 Million Tokens Worth $971M Destroyed
  • Blog

Massive Binance(BNB) Burn: 1.6 Million Tokens Worth $971M Destroyed

vivian 25 July 2024
Binance and bitcoin note
  • The BNB Foundation has conducted its 28th quarterly token burn, eliminating 1.6 million BNB worth $971 million to reduce supply and potentially increase value.
  • Despite the significant burn, BNB’s price has remained stable, trading around $591.

BNB Burn Aims to Boost Scarcity and Value

The BNB Foundation has successfully completed its 28th quarterly BNB burn, eliminating 1.6 million tokens from circulation. Valued at approximately $971 million, this significant burn is part of Binance’s ongoing commitment to reduce the total supply of BNB, ultimately creating scarcity and potentially increasing the token’s value.

BNB has seen modest gains, rising 1% over the past month, and briefly surpassed the $600 mark today for the first time in over six weeks. The Foundation’s burn events, which occur every three months, are critical to BNB’s market strategy. Since late 2021, BNB has adhered to an auto-burn formula that ensures an independently auditable and transparent process. This formula was introduced to enhance accountability and transparency in the ecosystem.

The Mechanics of BNB Burns

The recent burn involved 1,643,698.8 BNB tokens, worth $971 million. In the previous quarter, the Foundation burned 1.9 million tokens, worth $1.17 billion at the time. Prior to that, 2.14 million tokens were burned, valued at $600 million. These burns are part of Binance’s long-term plan to burn a total of 100 million BNB tokens, which represents half of the total supply.

The 28th quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC), with 1,643,699 #BNB has been burned.🔥

🧐 View burn details: https://t.co/gE4IEsQlg3 pic.twitter.com/jTZqZqcjhH

— BNB Chain (@BNBCHAIN) July 22, 2024

Additionally, Binance has implemented a real-time burning mechanism based on gas fees, introduced through proposal BEP95 in October 2021. Validators on the Binance Smart Chain (BSC) set the gas fee ratio for each block, which is then burned at a predetermined rate. Since its introduction, this mechanism has burned 234,000 BNB tokens, worth $138 million.

The primary goal of these burns is to decrease the circulating supply of BNB, thus creating scarcity and potentially driving up the token’s price. Similar practices are observed in other ecosystems, such as Shiba Inu, which also regularly conducts burns to manage its supply.

Market Reaction and Future Outlook

Despite the recent burn, BNB’s price has remained relatively stable, currently trading at $591, with a slight decrease of 1.3% over the past day. The token maintains a market cap of $86.38 billion, making it the fourth-largest cryptocurrency, just ahead of Solana. Interestingly, Solana has closed the gap, surging 17% in the past week to narrow the difference to less than $3 billion.

The burn event did generate excitement among traders, as evidenced by a 32% increase in trading volume, which crossed the $2 billion mark. However, the price did not see a significant uptick following the burn. Analysts, such as the head of business development at U2U Network, noted that previous burns had a more substantial impact on BNB’s price, pushing it to yearly highs.

The 28th quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC), with 1,643,699 #BNB has been burned.🔥

🧐 View burn details: https://t.co/gE4IEsQlg3 pic.twitter.com/jTZqZqcjhH

— BNB Chain (@BNBCHAIN) July 22, 2024

While BNB has struggled to gain momentum recently, the token has shown resilience, surging 31% from a monthly low of $459 to a high of $604 since July 5. The ongoing burn strategy and the transparent mechanisms in place could provide a solid foundation for BNB’s future growth, even if immediate price reactions are muted.

Continue Reading

Previous: Ethereum (ETH) ETFs Launch with SEC Approval: What’s Next for Crypto?
Next: Ethereum’s (ETH) Crucial Week: ETFs and Bitcoin Conference Could Spark Growth

Related Stories

Pi Network or Pi COIN logo on black
  • Blog

Inside Pi Network: Meet The Founders Behind the Ambitious Crypto Project

Dennis Gatheca 28 May 2025
Iota launching
  • Blog

Why Everyone’s Talking About IOTA Again- Only a Week to Go!

Simon Njenga 28 April 2025
Terra luna classic LUNC with price chart at the back
  • Blog

LUNC Lives On: Terra Classic’s Utility and Burn Mechanism Explained

Cal Evans 18 April 2025

For general inquiries, please email us at Info@cryptonewsfocus.com

Crypto news focus is your day-to-day crypto news site. Get all the latest News and trends in the crypto, blockchain, and DeFi space. For more info and inquiries, reach out via email at info@cryptonewsfocus.com

You may have missed

XRP IMAGE
  • Analysis

Can XRP Replace SWIFT for Cross-Border Payments?

Dennis Gatheca 4 June 2025
Stellar XLM Price
  • Analysis

Stellar Price Prediction: XLM Eyes $0.3 After 25% Volume Surge

Dennis Gatheca 4 June 2025
Ripple Logo on a black background
  • News

Ripple CEO Refutes $20 Billion Circle Acquisition Claim

vivian 4 June 2025
Ethereum price analysis image
  • Analysis

Why Ethereum Broke the $2,600 Price Level

Sean Williams 4 June 2025

Social Media

Crypto News Focus © All rights reserved | MoreNews by AF themes.
Go to mobile version
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok