“CZ” Commemorates Quarterly Burn of 2.14 Million BNB, Price Rebounds

“CZ” Marks the 25th Quarterly Burn of 2.14 Million BNB

Binance’s CEO, Changpeng “CZ” Zhao, celebrated the 25th quarterly burn of 2.14 million BNB tokens worth 453 million USD with the cryptocurrency community.

Binance CEO Changpeng “CZ” Zhao made a visit to commemorate the 25th quarterly token burn with the cryptocurrency community. According to the official burn announcement, the world’s largest cryptocurrency exchange, Binance, burned 2.14 million BNB tokens, valued at 453 million USD, as part of its 25th quarterly burn on October 16. Traders immediately reacted to the burn, causing BNB’s price to increase by 3% within 24 hours.

Binance Completes Its 25th Quarterly Token Burn

According to the official announcement, Binance burned a total of 2.139 million BNB tokens in the 25th quarterly burn through the Automatic BNB Burn process. The latest quarterly burn also included 314.69 BNB burned through the Pioneer Burn Program.

With this burn, Binance has removed an additional 2 million BNB tokens from its circulating supply. Currently, the circulating supply of the BNB token stands at 151,705,885 BNB. Binance aims to bring the circulating supply of BNB down to below 100,000,000 through the Automatic BNB Burn process.

The cryptocurrency exchange has now burned a total of 50.29 million BNB tokens to date. It uses the Auto-Burn protocol to reduce the total circulating supply to 100,000,000 BNB. The calculation mechanism for the number of BNB to be burned is based on the BNB price and the number of blocks generated on the Binance Smart Chain (BSC) within the quarter.

According to the BNB burn information portal, the estimated value of the next burn is 2,180,464 BNB. However, current data suggests that the number of BNB tokens to be burned in the 26th quarterly burn might increase.

BNB Price Rises by 3%

Over the past 24 hours, BNB’s price has increased by 3%, currently trading at 213 USD. The 24-hour low and high are 206.66 USD and 213.92 USD, respectively. Additionally, trading volume has increased by 82% over the past 24 hours, attracting the attention of traders.

The broader market conditions have also provided some price support for BNB. Binance’s CEO mentioned that BNB had entered a deflationary phase due to continuous burning by Binance.

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BNB Price Analysis on October 16

BNB/USD

The Binance Coin (BNB) exchange rate has increased by 1.58% since yesterday. Over the past week, the price has decreased by 0.71%.

On the hourly chart, Binance Coin (BNB) has established a local resistance level at 213 USD. Currently, it’s essential to pay attention to the daily candle closing.

If it occurs above this level, there is a possibility of an early correction in the range of $205-$206.

On the daily timeframe, there hasn’t been much change. Volume continues to decrease, indicating that buyers are not ready to take control at this point. In this case, trading within the $205-$208 range is a more likely scenario in the coming days.

The weekly chart presents a slightly different picture. The BNB rate has broken below the support level at $203.4. If the closing bar stays well below this level, there’s a possibility of the price bouncing back to the $220 range. BNB is currently trading at 208.8 USD at the time of writing.