Binance Coin (BNB) turns green as Binance completes 25th quarterly burn

Binance Coin (BNB) has turned green after a brief bear market after Biannce announced the completion of the 25th quarterly BNB Burn. The burn is part of Binance’s Auto-Burn Protocol.

The Auto-Burn Protocol aims to not only bolster the BNB’s value but also align the token with Binance Greenfield, a growing sector within the Binance ecosystem.

Auto-Burn Protocol and Binance Coin (BNB) surge

The introduction of the Auto-Burn Protocol by Binance has sparked enthusiasm among crypto enthusiasts and investors alike. This innovative protocol involves allocating 20% of the exchange’s quarterly profits to automatically repurchase Binance Coin (BNB) tokens from the market, followed by their permanent removal – a process known as “burning.”

This strategic quarterly burn is a testament to Binance’s commitment to fulfilling its promise made at BNB’s launch in 2017 – to burn 100 million BNB tokens, equivalent to half of the total supply, over time. The protocol operates independently of Binance, users, investors, and traders.

As per the BNB Auto-Burn procedure, the 25th quarterly BNB token burn of 2,139,182.98 BNB was completed on October 26. The latest quarterly burn includes 314.69 BNB which was effectively burned via the Pioneer Burn Program.

So far, Binance has burned has burned 50.29 million BNB tokens.

The automatic nature of this protocol ensures transparency and security, eliminating concerns about manual intervention or manipulation. By reducing the circulating supply, Binance aims to create scarcity and drive up demand, ultimately increasing the value of BNB. With each successful burn, BNB takes a significant step towards becoming a more attractive asset for users, investors, and traders.

With the implementation of the Auto-Burn Protocol, Binance Coin’s price performance has become a subject of keen interest. As of the latest available data, BNB is trading at $213.06. Over the past seven days, it has witnessed a 0.93% increase in value.

Binance Coin (BNB) price chart

Although BNB is down more than 10% since the start of the year, the token has been making repeated attempts to regain its past bullish trend with the current automated burns playing a key role. When the last burn happened, the token surged to $349 before losing momentum and dipping to the current price.

BNB Greenfield’s impact on BNB

Notably, BNB Greenfield, a part of the Binance ecosystem, has been actively collaborating with innovative projects like Friend3AI. Their efforts aim to harness the power of the BNB Chain and drive the adoption of SocialFi concepts.

These endeavours are expected to further impact BNB’s utility and its role within the Binance ecosystem.

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