Binance burns over $1.17b in BNB tokens

Binance burned 1.94 million Binance Coin tokens and removed them from circulation.

Cryptocurrency exchange Binance has announced that its 27th quarterly Binance Coin (BNB) token burn has been completed, with $1.17 billion worth of coins removed from circulation. The amount of BNB destroyed was approximately 1.3% of the total supply of assets.

However, this step did not include burning the token as part of the Pioneer Burn program.

The price of BNB tokens failed to react to the news about the burning of the tokens. In 24 hours, the token has fallen 0.9% from its previous value, dropping to $600 at the time of writing, according to CoinMarketCap.

Despite recent news that the US is looking to sentence Binance founder Qiao Changpeng to three years in prison, the price of the token has increased by 13% over the past week.

Source: CoinMarketCap

BNB’s market capitalization decreased by 2.2% to $88 billion, while trading volume increased slightly by 1.4%.

Binance before this It was deleted Approximately 2.14 million BNB worth, worth $636 million since January circulation. The amount of BNB destroyed was approximately 1.38% of the total supply of assets.

When BNB launched in 2017, it pledged to destroy 100 million coins through incineration, which is half of the total coin supply. Offers run automatically every quarter and are calculated using an automatic write formula.

A Binance representative explained that this provides a transparent, auditable, and objective process independent of a centralized exchange. Additionally, the BNB Chain continuously writes a portion of the gas fee onto the blockchain in real time.

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