Binance Conducts 27th Quarterly Token Burn
The Binance Foundation recently completed its 27th quarterly token burn on the BNB Chain, marking another significant step in the platform’s ongoing efforts to reduce the total supply of BNB tokens. During this process, 1,944,452.51 BNB tokens were permanently removed from circulation, valued at approximately $1.17 billion at the time of the burn.
Goals of the Binance Token Burn
The ultimate goal of Binance’s quarterly token burn is to gradually decrease the total supply of BNB tokens until it reaches 100 million. As of the 27th burn, the total supply stands at 149,532,856 BNB tokens, indicating notable progress toward this goal.
Binance Burn’s Impact on BNB Price
Following the token burn, BNB’s price remained relatively stable, trading in a narrow range between $278 and $345.5 until mid-February. As market volatility increased, BNB surged 110% before encountering resistance at $635.
Since then, the price has fluctuated within a tight band between $506.5 and $635. Despite recent consolidation, BNB has shown positive performance across multiple timeframes:
- 11.43% increase in the last seven days
- 10.12% increase in the last thirty days
- 94.58% Year-to-Date (YTD) performance
Technical Indicators Suggest Bullish Outlook
Technical analysis also indicates a bullish trend for BNB. The Moving Average Convergence Divergence (MACD) indicator shows a rising green histogram, suggesting growing purchasing pressure in the market. Additionally, the averages demonstrate bullish convergence, further reinforcing an optimistic outlook for the Binance coin.
What’s Next for BNB?
With this positive momentum, BNB may challenge its resistance at $635 over the weekend. If the market maintains this upward trend, the Binance token could attempt to reach its previous all-time high (ATH) of $690.9.
However, a reversal in market sentiment could lead BNB to test support levels at $569.5 and potentially $506.5 if bearish pressure continues to mount.
Ecosystem
Research
News Network
About