BNB Chain Removes 1.65 Million BNB in $1.2 Billion Burn

BNB Chain completed its 37th quarterly burn on Oct. 19, removing 1,646,196.44 BNB with an estimated value of $1.197 billion, while BNB traded below its recent $750 high.

The burn left total supply at 131,512,085 BNB, with the figures recorded at 6:05 a.m. ET (10:05 UTC). A market snapshot at 7:38 a.m. ET (11:38 UTC) listed BNB at $724.22, within a 24-hour range of $705.56 to $728.65. The seven-day high was $750.

The latest reduction exceeded the July 15 burn by 30,368.645 BNB. That earlier event removed 1,615,827.795 BNB, estimated at $931.7 million at the time. Both dollar values represent estimates of the tokens’ value when burned, not money spent to buy them.

BNB Chain’s Auto-Burn formula uses BNB’s price and block production on BNB Smart Chain to determine each quarterly amount. The program targets a total supply of 100 million BNB. A separate mechanism burns part of the network’s transaction fees.