Binance Coin (BNB) Price: $916 Million Token Burn Fails to Boost Market Value
BNB Chain burned $916 million worth of tokens in its quarterly burn event, but the price barely moved despite the reduced supply.
BNB Chain burned 1.57 million tokens worth $916 million in its 31st quarterly token burn
Current circulating supply is 140 million BNB tokens, with a goal to reduce to 100 million
Despite the burn, BNB price barely moved, rising only 0.85% to around $583
BNB is trading below its December 2024 all-time high of $788.84
Technical analysis shows a symmetrical triangle pattern forming with potential for a breakout
BNB Chain completed its 31st quarterly token burn on April 16, incinerating 1.57 million BNB tokens valued at approximately $916 million. Despite this substantial reduction in circulating supply, the fifth-largest cryptocurrency by market capitalization saw minimal price movement in the immediate aftermath.
The token burn, announced by Binance co-founder Changpeng Zhao “CZ” on X (formerly Twitter), is part of BNB’s long-term strategy to reduce its total supply from the current 140 million tokens to an eventual goal of 100 million.
BNB’s price showed little reaction to the burn event, rising merely 0.85% following the transaction. At press time, BNB trades at around $583, still more than 25% below its all-time high of $788.84 reached on December 4, 2024.