Binance, the largest crypto exchange in terms of users and trade volume, has announced that it has carried out its first coin burn of 2023. The coin burn resulted in the destruction of 2,064,494.32 BNB, worth an estimated $575 million.
The 22nd quarterly $BNB token burn has been completed through #BNB Auto-Burn.
Here’s everything you need to know about the first quarterly burn of 2023 and some words from @cz_binance ⬇️https://t.co/sIrWpnUxIL
— Binance (@binance) January 17, 2023
Binance Aims to Reduce BNB’s Total Supply to 100 Million
The quarterly coin burns have been a constant event since Binance was launched in 2017. The main goal of the coin burns is to reduce the total supply of Binance Coin from 200 million BNB to 100 million. Data from Coinmarketcap.com shows that there is now a total of 159.9 million BNB, indicating that Binance is almost halfway through its mission to halve its total supply.
BNB’s $300 Holds After Binance Coin Pumping by 43% in a Month
Concerning price action, Binance Coin is consolidating at the $300 psychological price area after an eventful first few days of 2023. The digital asset opened the year at a value of $246.3 and has since pumped by 27.64% to a local peak of $314.4 set on Saturday, January 14th.
Binance Coin ha,d in mid-December, set a local low of $220, indicating that it has pumped by 43% in one month.
Further checking the one-day BNB/USDT chart below courtesy of Tradingview.com, it can be observed that Binance Coin remains in bullish territory above the 50-day (white), 100-day (yellow), 200-day (green) and 200-week (black) moving averages.
However, its daily MFI (green), MACD and RSI (red) hint at an overbought scenario that could result in consolidation at current levels or a pullback. If Binance Coin (BNB) undergoes a correction, it will look to the following price areas to act as support.
- $290
- $280, which is also the current position of the 100-day and 200-day moving averages
- $270, which is the current position of the 50-day moving average
- $260
- $250