BNB Foundation Completes 29th Quarterly Token Burn of 1.7 Million BNB Worth $1.07B

The BNB Foundation has just concluded its 29th quarterly token burn where more than 1.7 million BNB was burned, equating to $1.07 billion

The BNB Foundation has just completed its 29th quarterly token burn, where a total of 1,772,712.363 BNB was burned. This burn event, which occurred on November 1, 2024, is part of the Foundation's initiative to reduce the circulating supply of BNB, thereby increasing its scarcity and driving up its price.

The burn comprised the traditional Auto-Burn mechanism and an additional burn via the Pioneer Burn Program.

Here's a closer look at the 29th Quarterly BNB Burn and its impact on the BNB price.

BNB Foundation Completes 29th Quarterly Token Burn, Removing 1.7 Million BNB from Circulation

The BNB Foundation announced the completion of the 29th quarterly BNB burning, with a total automatic burning of 1772712.363 BNB, worth approximately $1.07 billion.

This quarter's burning and future burning will be carried out directly on BSC, and the corresponding amount of BNB tokens will be transferred to the burning address.

The burning address is 0x00000000000000000000000000000000dead0000, and the burning transaction hash is 0xc93338e6f6d49c5706b94779968994734843b568993794e549993848f63f6467.

This latest burn has brought the total BNB burned to date to 63,388,029.004 BNB. Commencing with the 25th burn, an additional burn is being carried out via the Pioneer Burn Program.

This program aims to return funds to users who have sent tokens to the wrong addresses and not received them back on the Binance Smart Chain (BSC).

By including these “lost” tokens in the quarterly burn, the Foundation can help the affected users and decrease the total supply of BNB even more.

BNB Price Largely Unchanged Despite Massive Burn

This latest burn was significant in terms of the amount of BNB removed from circulation. However, it had a minimal impact on the BNB price.

At press time, BNB price was trading at $577, with a 1.28% decline from the intra-day high of $588.

BNB price had rocketed to a three-month high of $615.50 last month. This was partly due to the positive sentiment that emerged after the release of Binance’s former CEO, Changpeng Zhao.

Despite several attempts to close a price above the $610 resistance level, BNB was unable to do so and faced several rejections as it sought to find support.

Moreover, the market mood towards BNB was influenced somewhat positively by Changpeng Zhao’s recent appearance at the Blockchain Week event in Dubai, where he shared his stories and plans after getting out of prison.

While Changpeng Zhao did not elaborate on his forecast for the future of the markets, he remained positive on the future of crypto.

Technical Indicators Point to Potential Breakout, but BNB Faces Resistance at $610

On the chart of BNB, a potential Inverse Head and Shoulders formation is taking shape, indicating a bullish reversal on the chart.

This pattern includes three troughs, with the lowest (the “head”) around $440 and the two higher “shoulders” around the $500 level.

A resistance line, or “neckline,” has formed near the $575-$580 range, which could act as a breakout point.

At the same time, the Relative Strength Index (RSI) and Average Directional Index (ADX) suggest a weak trend, indicating that the token may trade in a narrow range for now.

The RSI sits near the neutral level, while the ADX reading of 11 points to a lack of strong directional momentum.

If BNB manages to break through this neckline, technical analysis suggests a possible upside target near $720, calculated by adding the pattern's height to the breakout point.

However, for this bullish scenario to materialize, BNB would need stronger buying momentum and a confirmed breakout above the current resistance level.

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