Binance Burns 1.7M BNB Tokens in 29th Quarterly Auto-Burn Event

Binance, the world's largest cryptocurrency exchange in terms of trading volume, announced its 29th quarterly BNB token burn, where it removed a total of 1772712

Binance has burned 1,772,712.363 BNB tokens as part of its latest quarterly burn initiative. The total burn comprises two parts: 1,710,142.733 BNB was burned through Binance’s regular Auto-Burn process, while an additional 62,569.63 BNB was burned to address an issue with BTokens. The total burn amounts to 1.22% of BNB’s total supply and is valued at approximately $1.07 billion at current prices.

This marks the 29th quarterly BNB token burn by Binance, with the exchange aiming to burn BNB tokens until 50% of the original 200 million BNB supply is destroyed. Despite the massive token burn, BNB’s price remained largely unfazed, trading down 1% on the day at $576.98, with the token’s market capitalization dropping 2.1% to $83.27 billion.

BNB had rallied to a three-month high of $615.50 on Sept. 28 after former Binance CEO Changpeng Zhao was released from prison after serving a four-month sentence for failing to implement proper anti-money laundering and sanctions regulations at Binance.

However, the token has faced resistance at the $610 level in its attempts to reclaim those highs. Technical indicators on the 1-day BNB/USDT price chart show the token’s price consolidating. The Relative Strength Index is at 47, indicating neutral price strength, while the Average Direction Index shows a reading of 11, indicating a weak trend.

The Moving Average Convergence Divergence histogram also shows a bearish crossover, with the MACD line below the signal line, indicating potential downside pressure. However, without stronger trend signals, significant movements in either direction are unlikely.

The pseudonymous trader Crypto Yapper also highlighted the uncertainty around BNB’s next move, noting that the token’s price is “compressed into an apex,” where support and resistance lines converge as the price range narrows. While this often signals a major breakout, the analyst adds that the price could be heading toward “either the topside or the downside.”