BNB Chain burned nearly 2 million BNB tokens in its 20th BNB auto-burn event.
Over $444 million worth of tokens were destroyed, bringing the total circulation supply to 161,337,261.09 BNB.
Still, BNB appears to have resumed its downtrend and could target $175.
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BNB Chain has completed its latest quarterly auto-burn token event, taking roughly $444 million worth of BNB out of circulation.
Binance Burns $444M Worth of BNB
BNB Chain has completed its latest auto-burn event, significantly reducing BNB’s circulating supply.
Binance’s blockchain burned 1,959,595.29 BNB tokens worth more than $444 million Wednesday. The total sum burned accounts for 1.2% of the circulating supply. Binance has burned more than 38,683,447 BNB to date, making significant strides to achieve its long-term goal of reducing the total BNB supply by 50%.
Today’s burn event is BNB Chain’s 20th since the program was launched in late 2017. It’s also the third quarterly auto-burn, meaning the number of tokens burned was calculated based on the price of BNB and the number of blocks produced by the BNB Chain during the last quarter. BNB Chain also continues to burn a portion of BNB Chain’s gas fees in real-time.
Despite the latest development, BNB has shed 4.5% of its market value over the past few hours. The token appears to have broken out of an ascending triangle that developed on its four-hour chart, and the bearish continuation pattern suggests that BNB is bound for further losses.
The height of the triangle’s Y-axis added downward from the breakout point anticipates an almost 24% correction for BNB. Further selling pressure could validate the bearish formation, potentially pushing its price to the $175 level.
BNB/USD four-hour chart (Source: TradingView)
BNB would likely need to reclaim $235 as support for a chance of invalidating the pessimistic outlook. If it succeeds, the next critical area of resistance to pay attention to would be around $247. Printing a four-hour candlestick close above this level could signal a bullish breakout toward $300.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
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