Binance All Set To Burn 1.99M BNB Tokens in 24th Quarterly Burn

• Up to this point, the cryptocurrency exchange has burned 48 million BNB coins.
• The BNB burn portal suggests that the next burn will remove around 2,097,345.77 BNB.

According to the BNB burn portal, Binance will burn 1.99 million BNB tokens as part of its 24th quarterly burn mechanism. To reduce the total number of BNB tokens in circulation, Binance has implemented a process called BNB Auto-Burn. The BNB price has been stuck around the $250 mark for almost a month while the Binance vs. SEC case drags on.

According to the numbers, Binance would burn approximately 2 million BNB tokens, with a market value of around $619 million. There are now 155,848,103 BNB in circulation.

Auto-Burn System 

On Twitter on July 18th, Binance announced the quarterly BNB burn. For the 24th quarterly burn, Binance has used the BNB Auto-Burn system to burn 1.99 million BNB tokens. Included in the most recent quarterly BNB burn is BNB burnt under the Pioneer Burn Program.

Up to this point, the cryptocurrency exchange has burned 48 million BNB coins. To keep the supply of BNB at 100,000,000, an Auto-Burn mechanism is used. Based on the BNB pricing and the number of blocks created on the BNB Smart Chain (BSC) throughout the quarter, the mechanism determines the quantity of BNB to be burnt.

The BNB burn portal suggests that the next burn will remove around 2,097,345.77 BNB. Current indicators, however, point to a further rise in BNB tokens for the 25th quarterly token burn.

Binance’s 23rd quarterly BNB burn, valued at $542 million, took place on April 14 and included the removal of 2,020,132.25 BNB tokens. At that time, it was predicted that 2,009,639.84 BNB will be burned in the 24th quarter.

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• Source: https://thenewscrypto.com/binance-news-binance-all-set-to-burn-1-99m-bnb-tokens-in-24th-quarterly-burn/