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Binance Foundation Removes 2 Million BNB Tokens from Circulation
The recent Binance Foundation token burn removed nearly 2 million BNB tokens from circulation, aiming to decrease the total supply. Despite the burn, BNB’s price remained stable and later surged 110%, showing strong performance.
Background on Binance Token Burn
The Binance Foundation completed its 27th quarterly BNB token burn on the BNB Chain, removing 1,944,452.51 BNB tokens from circulation. The quarterly burn is part of efforts to reduce the total supply of BNB tokens gradually.
Impact on BNB Price and Technical Analysis
After the token burn, BNB’s price remained neutral before surging 110% and moving in a range of $506.5 to $635. Technical indicators suggest a potential challenge to the $635 resistance level, with support levels at $569.5 and $506.5.
Potential Price Movements for Binance Coin
If positive momentum continues, BNB’s price could challenge $635 and potentially reach its previous all-time high. However, a trend reversal could see the token testing support levels at $569.5 and $506.5 in the near future.
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