TLDR
- BNB token burned 1.57 million tokens worth over $900 million in its 31st quarterly burn event
- BNB price trading around $582-$583, well below its December 2024 high of $788-$800
- BNB has formed a symmetrical triangle pattern with technical support at $575 and resistance at $585-$600
- The token burn aims to reduce circulating supply from 140 million to 100 million tokens
- Despite the burn, BNB price rose only 0.85%, reflecting broader bearish market sentiment
Binance Coin (BNB) is trading at approximately $583 as of press time, showing minimal reaction to the recent token burn event that removed 1.57 million tokens worth over $900 million from circulation. The cryptocurrency, currently the fifth largest by market capitalization at $85 billion, continues to face resistance around the $585-$600 range despite the substantial burn.
The latest burn event, BNB Chain’s 31st quarterly token burn, took place on April 16, 2025. Binance co-founder Changpeng Zhao “CZ” shared the announcement on X.
This burn is part of BNB’s tokenomics strategy to reduce the total circulating supply from the current 140 million tokens to an eventual 100 million. The auto-burn system adjusts burn amounts based on BNB’s price and block generation on the BNB Smart Chain during each quarter.
Token burns are designed to increase scarcity by reducing circulating supply. In theory, this should boost token value when demand exists, while also encouraging investors to hold tokens for longer periods.
BNB Price
Technical Analysis Shows Mixed Signals
BNB price is currently recovering from the $575 support zone but faces multiple resistance levels. The cryptocurrency trades below the $585 mark and the 100-hourly simple moving average, with a bearish trend line forming on hourly charts.
On the upside, BNB faces resistance near $585, followed by $588 and the psychologically important $600 level. A successful break above $595 could potentially trigger a move toward $600 and possibly to $620 in the near term.
Should the price fail to break through the $585 resistance, downside support exists at $580, with stronger support at $575 and a major support level at $562. A drop below $562 could lead to further decline toward $550 or even $535.
Long-Term Pattern Formation
From a broader perspective, BNB has pulled back significantly from its December 2024 high of approximately $800. The coin has formed what appears to be a symmetrical triangle pattern with two converging trend lines.
Technical analysts have identified a triple-bottom pattern around the $520 mark, which may provide strong support. The price currently hovers near the 38.2% Fibonacci retracement level.
A bullish breakout scenario could occur if BNB crosses above the 50-day moving average and the upper boundary of the descending triangle. Such a breakout might push the price toward its December high of $795—representing a potential 37% gain from current levels.
However, a drop below the triple-bottom at $520 would likely invalidate this bullish outlook.
Staking Growth Indicates Investor Confidence
Despite price struggles, data shows increasing confidence among some investors. Net staking flow in BNB has jumped by over $16 million in the last 30 days, according to StakingRewards.
The coin currently offers a staking reward rate of 4%, which may be attracting investors who believe in the token’s long-term potential despite short-term price pressure.
The limited price impact of the recent burn event—with BNB rising just 0.85% since the transaction—reflects the broader bearish sentiment currently prevailing in the cryptocurrency market.
BNB’s current price of $583.51 remains more than 25% below its all-time high of $788.84 reached on December 4, 2024.
