Binance, the world’s largest exchange house, held its 17th quarterly token burn. Taking out of circulation nearly $ 640 million in BNB. Approximately 1.4 million BNB tokens.
Specifically, Binance, reported which carried out a major burn of its token, BNB. According to its CEO, Changpeng Zhao, this is the biggest biggest burn they have ever done.
«$ 639 million in BNB has been burned».
To better understand, burning refers to the permanent removal of existing tokens from circulation. Token burning is an intentional action taken by the creators of the coin to “burn”, or remove from circulation, a specified number of the total available tokens that exist. The objective of this type of process is, in general, to reduce inflation.
By the way, when Binance launched BNB in 2017, it promised to burn a total of 100 million BNB, that is, 50% of its total supply. The supply of 40% BNB was originally allocated to the Binance team.
Very importantly, this team assignment remains intact. With zero BNB tokens that have been used or sold for any purpose other than for our quarterly burn events.
Binance elimina tokens BNB
It is important to remember that during the 16th token burn, Binance burned 1,296,728 BNB tokens. And during the 15th, 1,088,888 tokens were burned.
For its part, Binance’s 17th quarterly BNB burn is the largest in terms of dollars, although not by the number of tokens. This is because the price of BNB increased 58% during the third quarter.
Sure enough, 1,318,049 BNB were actually burned. While 17,839 BNB were “effectively burned” through Binance’s Pioneer Burn Program.
According to The Block Research, Binance has burned 16.60% of the BNB supply to date.
As a curious fact, the market capitalization of Binance has increased significantly after this burn. Reaching around $ 81.15 million. Also, ranking as the third largest cryptocurrency. According to our Crypto Online tool.
Also, the coin is now above Cardano’s ADA. Currently trading at $ 486.
In closing, do you think burning your token helped the coin to get to the top of the list? Leave your opinion in the comment box.
I retire with this phrase by William Shakespeare: «Lends ear to all, and a few voice. Hear the blame of others. But reserve your own opinion».