Binance burned 1.94 million Binance Coin tokens, removing them from circulation.
Binance reported that it had carried out the 27th quarterly destruction of Binance Coin (BNB) tokens, eliminating around $1.17 billion from circulation. This represented roughly 1.3% of the entire BNB supply.
The quarterly burning of 1.94 million BNB tokens has taken place on the BNB Smart Chain (BSC) concurrently with the BNB Chain Fusion event. For more information about this token burn, please check below.— BNB Chain (@BNBCHAIN) April 24, 2024
This time around, the Pioneer Burn program didn’t involve the process of torchering tokens.
The announcement about the BNB tokens being burned didn’t seem to impact their price. In fact, as reported by CoinMarketCap, over a 24-hour period, the token shed 0.9% of its value and was currently priced at $600.
In the last seven days, Changpeng Zhao, the founder of Binance, faced potential legal action from the U.S., yet the token’s value still increased by 13%.
The market value of BNB decreased by 2.2%, amounting to $88 billion, but trading volumes saw a slight uptick of 1.4%.
Previously, Binance took out around 2.14 million BNB, equivalent to $636 million, from circulation in January. This represented roughly 1.38% of the entire BNB supply.
At the debut of BNB in the year 2017, a pledge was given to eliminate 100 million tokens – which represents half of the total token count – by means of incineration. This process occurs routinely every three months and is determined using an automated burn calculation formula.
Representatives from Binance clarified that this procedure offers transparency, auditability, and impartiality, as it operates independently from the centralized exchange. Moreover, BNB Chain automatically incinerates a given share of gas fees on the blockchain instantaneously.
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2024-04-24 18:40