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Binance burns over $1.17 billion in BNB tokens
Binance burned 1.94 million Binance Coin tokens, removing them from circulation.
Cryptocurrency exchange Binance announced the completion of its 27th quarter Binance Coin (BNB) token burn, removing $1.17 billion worth of coins from circulation. The volume of BNB destroyed amounted to approximately 1.3% of the asset’s total supply.
However, this time the procedure did not involve burning tokens as part of the Pioneer Burn program.
The price of the BNB token did not react to the news of the token burning. Second CoinMarketCapin 24 hours, the token lost 0.9% from its previous value, falling to $600 at the time of writing.
Despite this, the price of the token increased by 13% in the last week. Recent news about the US seeking to impose a three-year prison sentence on Binance founder Changpeng Zhao.
Source: CoinMarketCap
BNB’s market capitalization fell 2.2% to $88 billion, while trading volumes increased slightly by 1.4%.
Before that, Binance REMOVED approximately 2.14 million BNB worth $636 million from circulation in January. The volume of BNB destroyed amounted to approximately 1.38% of the asset’s total supply.
During the launch of BNB in 2017, a commitment was made to destroy 100 million coins, half of the entire coin supply, by burning them. The bidding runs automatically every quarter and calculated using the auto-burn formula.
Binance representatives explained that this provides a transparent, auditable and objective process, independent of centralized exchange. Additionally, BNB Chain continuously burns a portion of the gas fees on the blockchain in real time.