<\/p>\n
- \n
- On 16 October, Binance removed 2.14 million BNB coins from circulation.<\/span><\/em><\/li>\n
- Demand for BNB has climbed in the past few days.<\/em><\/li>\n<\/ul>\n
Binance<\/a> completed its 25th quarterly Binance Coin (BNB)<\/a> burn, removing 2.14 million BNB coins from circulation on 16 October. The burned tokens were worth approximately $450 million at the time of the event.<\/span><\/p>\n
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#Binance<\/a> completes the 25th Quarterly #BNB<\/a> Burn!<\/p>\n
\ud83d\udd25 2.14m #BNB<\/a> has been burned \ud83d\udd25 pic.twitter.com\/3KtkE1y6f5<\/a><\/p>\n
\u2014 Binance (@binance) October 16, 2023<\/a><\/p>\n<\/blockquote>\n
\nIs your portfolio green? Check the\u00a0BNB Profit Calculator<\/a><\/p>\n
\nBinance\u2019s quarterly coin burns are part of the entity\u2019s commitment to ensure BNB\u2019s deflationary model, thereby preserving its value over time. <\/span><\/p>\n
The 2.14 million BNB coins destroyed formed 1.38% of the coin\u2019s circulating supply. According to data from <\/span>CoinMarketCap<\/span><\/a>, BNB\u2019s current circulating supply was over 151 million.<\/span><\/p>\n
BNB bulls have the upper hand<\/b><\/h4>\n
At press time, BNB traded at $213.01 per coin, having recorded a 3% uptick in price in the last two days.<\/span><\/p>\n
During the intraday trading session on 16 October, the coin\u2019s daily trading rallied to its highest level in the past two weeks, according to data from <\/span>Santiment<\/span><\/a>.\u00a0<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/BNB-BNB-07.16.56-17-Oct-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
This confirmed the increased activity around the popular altcoin in the past few days.\u00a0<\/span><\/p>\n
According to readings from the coin\u2019s Moving Average Convergence\/Divergence (MACD) indicator observed on a daily chart, the coin initiated a new bull cycle on 15 October, hence the price growth.\u00a0<\/span><\/p>\n
On that day, BNB\u2019s MACD line crossed above the trend line. When the MACD line crosses above the signal line, it is often considered bullish. It suggests that the asset\u2019s momentum is shifting upward, indicating a potential buying opportunity.<\/span><\/p>\n
There has also been an uptick in BNB\u2019s accumulation amongst daily traders. The coin\u2019s key momentum indicators were positioned above their respective center lines at press time. <\/span><\/p>\n
The Relative Strength Index (RSI) was 52.39, while the Money Flow Index (MFI) was 51.55. These values suggested that spot traders preferred buying more BNB than selling.<\/span><\/p>\n
Moreover, the alt\u2019s Aroon Up Line (orange) was 92.86% at press time. When an asset\u2019s Aroon Up line is close to 100, it indicates that the current uptrend is strong and that the most recent high was reached relatively recently.<\/span><\/p>\n
- Demand for BNB has climbed in the past few days.<\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/BNBUSDT_2023-10-17_07-18-33.png\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/BNBUSDT_2023-10-17_07-18-51.png\")