Binance Burns $1 Billion Worth of BNB – How High Can BNB Go Next?

Binance, through the BNB Foundation, has successfully completed the 32nd quarterly token burn event for the BNB cryptocurrency.

The burn operation took place precisely at 07:29:06 AM UTC on July 10, eliminating 1,595,599.78 BNB tokens from circulation, valued at approximately $1.07 million based on an average BNB price of $660.16.

Remarkably, despite the substantial volume of tokens burned, the transaction fee amounted to merely 0.0000021 BNB (equivalent to $0.001411).

The quarterly BNB burn mechanism operates on a regular schedule, with the previous burn event occurring in April when tokens valued at over $1.02 billion were permanently removed from the supply.

The 32nd quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC).

1,595,599.78 BNB has been burned.

View burn details https://t.co/Zpd8EXfHPE pic.twitter.com/2Ls3peqwyj

The traditional manual burn process has been superseded by the BNB Auto-Burn system, which determines burn amounts based on BNB’s market price and the quantity of blocks generated during each quarter. This automated system ensures adherence to the established quarterly burn timeline.

The burn calculation follows the formula B = N * 1000 / (P + K), where “N” represents the total number of blocks produced, “P” denotes BNB’s average price, and “K” serves as a constant price anchor value, initially set at 1000.

However, following the recent Lorentz and Maxwell network upgrades, the BNB Smart Chain (BSC) now generates blocks at an accelerated rate compared to when the Auto Burn formula was first implemented.

This enhanced block production has necessitated adjustments to the formula parameters to preserve the original concept and maintain consistency with the system’s intended purpose.

From the original 202 million BNB supply, more than 62.7 million tokens have been burned, resulting in a circulating supply of 139.28 million tokens.

The BNB chain continues implementing supply reduction measures as part of its strategic roadmap to achieve a target of 100 million BNB tokens, positioning it among the most deflationary layer-1 blockchain networks.

Given that token burns typically create increased scarcity and potentially drive price appreciation, market participants are anticipating BNB’s breakthrough above the $655 resistance level toward the $700 threshold.

“Inspired Analyst,” a prominent Bitcoin and altcoin market analyst, noted sustained whale accumulation in BNB and identified a bullish ascending triangle pattern forming, with a potential breakout zone around $665.

$BNB Set for a Breakout?
After weeks of sideways action, #Binance Coin #BNB may be ready to move. Here’s why:

Active Users Up – 1.75M daily addresses = real demand
Whales Accumulating – Quiet buys point to smart money interest
Bullish Pattern Forming – Ascending… pic.twitter.com/i7BFaCgf0p

The analyst forecasts that if BNB maintains support above $635, a rally toward $733 becomes achievable.

Beyond whale activity, which has sustained BNB’s daily trading volume above $1 billion, on-chain utilization continues to expand steadily.

Over the past 180 days, active wallet addresses have demonstrated consistent growth, recording multiple days with over 2 million active addresses and occasionally surpassing 3 million.

BNB Chain is quietly climbing

Over the last 180 days, active addresses have steadily risen — hitting multiple 2M+ days and even spiking above 3M.

Despite the noise, usage is growing. Don’t fade the builders pic.twitter.com/soSRPcsJbB

Similarly, the BNB chain leads in 24-hour decentralized exchange (DEX) trading volume with over $9.7 billion in activity, significantly outpacing Ethereum and Solana, which average approximately $2.4 billion each.

Stablecoin activity on the network has also intensified, with roughly $10.5 billion in market capitalization, establishing BNB as the fourth-largest blockchain by stablecoin holdings.

The BNB/USDT 6-hour chart on KuCoin displays robust bullish momentum, featuring a series of ascending triangles and consolidation phases that have consistently resulted in upward breakouts.

Following recovery from the late June correction, the price has developed another triangular formation and is currently advancing within a fresh ascending channel, successfully breaching the $650 resistance barrier.

The price is nearing a critical resistance zone between $690 and $700, which corresponds to the channel’s upper boundary and a previous rejection area marked as “New High.”

The recurring bullish continuation patterns, along with consolidation phases followed by breakouts, indicate that BNB may soon test this resistance zone, with potential for further upward movement if the current momentum persists.

@10XCapitalUSA launches $BNB treasury company backed by @YZiLabs targeting US public listing as corporate adoption explodes beyond Bitcoin-only strategies into BNB ecosystem.#BNB #Treasuryhttps://t.co/OaYEWjhoGV

Overall, the market structure maintains its bullish character, and price action suggests an imminent attempt to challenge the $700 level in the near term, contingent on sustaining support above $650.

The post Binance Burns $1 Billion Worth of BNB – How High Can BNB Go Next? appeared first on Cryptonews.