Reporting on Fintech, Bitcoin, Ethereum, Blockchain and Cryptocurrency News in Nigeria

DiutoCoinNews Markets

Binance Bunrs $640 Million BNB Coins As Price Rally Above $500 For The First Time Since April.

Share this:

Crypto exchange operator Binance announced that it has burned nearly 1.4 million BNB tokens (worth about $640 million at current prices) in its largest-ever burn.

Burning refers to the process of permanently removing a crypto token from circulation, thereby reducing its supply and potentially increasing its price. When Binance launched BNB in 2017, it committed to burning a total of 100 million BNB, i.e., 50% of its total supply. BNB’s 40% supply was originally allocated to the Binance team.

The latest burn — Binance’s 17th quarterly BNB burn — is the largest ever in dollar terms, though not by the number of tokens. This is because the price of BNB jumped 58% during the third quarter, from around $305 to around $480.

The company has burned 16.60% of the BNB supply to date, according to The Block Research. Binance burns BNB each quarter based on its trading volumes of the previous quarter.

Copyright DiutoCoinNews

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from  DiutoCoinNews.


Your email address will not be published. Required fields are marked *