- Binance shared on X today that 2.14 million BNB tokens have been burned.
- This announcement could be what fueled BNB’s 24-hour price increase of 2.84%.
- BNB’s technicals also suggest that the utility token’s price could experience a boost in the next few days.
The largest cryptocurrency exchange, Binance, announced in an X post today that it has completed the twenty-fifth quarterly Binance Coin (BNB) burn. According to the post, about 2.14 million BNB have been burned. The burned tokens are worth approximately $453,506,792 and account for about 1.38% of the total supply.
#Binance completes the 25th Quarterly #BNB Burn!2.14m #BNB has been burned pic.twitter.com/3KtkE1y6f5
— Binance (@binance) October 16, 2023
Burning tokens can have a positive effect on the price of a cryptocurrency token, but it is not necessarily a guaranteed outcome. However, in BNB’s case, it seems like Binance’s burn announcement could have given the altcoin a bit of a price boost.
At press time, CoinMarketCap indicated that BNB saw its price rise by 2.84% over the past 24 hours. As a result, the utility token was trading at $213.14, which was a new daily peak price.
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