On October 27, the BNB Chain announced that the 33rd BNB token burn had been completed. BNB recorded a price spike following the announcement.
Here are the key details of the latest quarterly burn by BNB Chain.
BNB Chain’s 33rd Quarterly Burn
According to the official announcement, more than 1,44 million BNB worth approximately $1,208 billion, had been burned. The corresponding BNB amount was sent to the blackhole address 0x000000000000000000000000000000000000dEaD.
BSC Trace data shows that the transaction fee was 0.00000105 BNB, worth $0.001214. Last month, the BNB Chain announced that the new minimum gas price was slashed in half.
Other BNB Burn Key Details
The estimated value of the next burn is almost 1,24 million BNB, worth approximately $1,41 billion, according to data from BNB Burn.
The remaining total supply of BNB is more than 137,7 million tokens.
After the mainnet launch on April 18, 2019, BNB transitioned from the Ethereum network to BNB Chain, which has the philosophy to “Build and Build.”
BNB employs an Auto-Burn system to gradually reduce the total supply of 100 million BNB tokens, and the burn amount is adjusted based on the price of BNB and the number of blocks generated on BSC during a quarter to ensure full transparency and predictability.
It’s also important to highlight that this mechanism is independent of the Binance CEX.
BNB Price Trajectory on October 27
At the moment of writing this article, BNB is trading above $1,167, up by more than 3% in the past 24 hours.
Following the BNB Chain’s announcement earlier, the price of BNB spiked. The total market cap of BNB is over $160,94 billion, and the 24-hour trading volume of BNB is over $3,87 billion, up by more than 68%.
BNB reached its new ATH on October 13 when it hit a price of over $1,370.
BNB might be on its way to a new ATH amidst an optimistic crypto market. This is an important week for crypto, which might reshape the market’s overall trajectory.
