In an effort to regulate Binance Coin’s (BNB) circulation, Binance Chain announced the completion of the 31st BNB quarterly burn. It saw 1,500,000 tokens valued at $916,174,342 burned.
This has brought back focus on the coin’s price action and its possibility to reach to $600 levels again.
Binance Burns 1.5 Million BNB Tokens
During its latest quarterly BNB burn to effect a cut in the overall circulation of Binance token, the firm disposed of 1.5 million tokens.
Binance CEO CZ confirmed that a total tokens worth $916 million tokens have been burned.
Consequently, the approach aligns with a long-term plan to lower BNB token supply to 100 million.
The entire BNB token supply has reached 140.89 million, yet ongoing burn operations caused circulation amounts to drop.
Binance Coin Burn Chart Source: X
In addition, the burn process introduced through the BEP95 proposal determines the number of tokens to be burned based on BNB price and the Binance Smart Chain blocks.
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