Binance announced that 1,959,595.29 BNB worth $444 million has been burned.
BNB Chain has completed its quarterly automatic token burn event, burning $444 million in BNB.
BNB Chain has significantly reduced the circulating supply of BNB with the recent burn. The total amount of tokens burned accounts for 1.2% of the circulating supply. Binance has burned more than 38,683,447 BNB to date and has taken significant steps towards achieving its goal of reducing its BNB supply by 50%.
The 20th Quarterly $BNB token burn has been completed through #BNB Auto-Burn. @cz_binance has shared his insights and reflections for ‘5 Year Burn’ as #BinanceTurns5.
Read ⬇️https://t.co/dwDBcYtlRF
— Binance (@binance) July 13, 2022
This was the 20th token burning event in total. The number of tokens burned was calculated based on the BNB value and the number of blocks produced by BNB Chain.
Despite this development, BNB has lost more than 4% of its market value in the last few hours. BNB will likely need to retrace the $235 level for it to stop the downside. If successful, the next critical resistance area will be around $247.
BNB is trading at $222.67 at the time of writing, according to CoinMarketCap data.
