Coin

<ul class="news-points">
 <li>Binance shared on X today that 2.14 million BNB tokens have been burned.</li>
 <li>This announcement could be what fueled BNB’s 24-hour price increase of 2.84%.</li>
 <li>BNB’s technicals also suggest that the utility token’s price could experience a boost in the next few days.</li>
</ul>
The largest cryptocurrency exchange, Binance, announced in an X post today that it has completed the twenty-fifth quarterly <a href="https://coinedition.com/tag/Binance-Coin-BNB/" rel="noopener noreferrer nofollow">Binance Coin (BNB)</a> burn. According to the post, about 2.14 million BNB have been burned. The burned tokens are worth approximately $453,506,792 and account for about 1.38% of the total supply.
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 <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> completes the 25th Quarterly <a href="https://twitter.com/hashtag/BNB?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BNB</a> Burn! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> 2.14m <a href="https://twitter.com/hashtag/BNB?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BNB</a> has been burned <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/3KtkE1y6f5" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/3KtkE1y6f5</a>— Binance (@binance) <a href="https://twitter.com/binance/status/1713810236421595541?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 16, 2023</a>
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Burning tokens can have a positive effect on the price of a cryptocurrency token, but it is not necessarily a guaranteed outcome. However, in BNB’s case, it seems like Binance’s burn announcement could have given the altcoin a bit of a price boost.
At press time, CoinMarketCap indicated that BNB saw its price rise by 2.84% over the past 24 hours. As a result, the utility token was trading at $213.14, which was a new daily peak price.
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The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/binances-bnb-token-burn-could-boost-its-price-as-high-as-230/">Binance’s BNB Token Burn Could Boost Its Price as High as $230</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

Binance’s BNB Token Burn Could Boost Its Price as High as $230

Coin Edition

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