- BNB’s 29th token burn slashes supply by 1.77M tokens, enhancing scarcity and value.
- Strong resistance at $586 and $590 signals potential breakout for BNB price action.
- Support levels at $573 and $570 hint at consolidation amid a slight downward trend.
The BNB Foundation completed its 29th quarterly token burn, removing over 1.77 million BNB from circulation, worth approximately $1.07 billion.
This is part of BNB Chain’s Auto-Burn initiative, designed to reduce the total token supply and support the token’s market value. This burn included an adjustment to address past technical discrepancies.
Token Burn Breakdown: Auto-Burn and Special Adjustment
The burn consisted of an exact 1,710,142.733 BNB tokens under the Auto-Burn program, plus an extra 62,569.63 BNB for BTokens. The BTokens adjustment addresses tokens previously reimbursed through BNB’s Pioneer Burn Program, which helps users who lost assets on the Binance Smart Chain (BSC).
Some of these BTokens were accidentally omitted from previous burn cycles but have been included in this one.
The Auto-Burn program will continue until the circulating supply reaches 100 million BNB. With 43.5 million tokens left to be burned, BNB Chain remains committed to reducing supply further. The total BNB supply is currently 144,099,981.1.
BNB Price Action and Key Resistance Levels
Following the latest burn, BNB has shown slight downward movement, currently trading around $578.55 , down 1.48% in the last 24 hours. The immediate resistance level is near $586, with recent price action indicating difficulty holding this level.
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Source: Coinmarketcap
A stronger resistance is around $590. If BNB breaks above $586 with strong volume, it may signal an upward trend, pushing toward $590.
Support Levels Signal Possible Consolidation
On the support side, BNB has consistently bounced from the $573 mark, showing notable buying interest here. Further declines may encounter support around $570 and $565, levels that have historically provided stability. BNB’s price fluctuations suggest a consolidation phase, which may result in either a breakout or a breakdown.
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