Binance Announced That It Has Burned 1m BNB Tokens Worth $595m
Binance reported on Friday that in its most recent quarterly burn, it burned over 1 million BNB tokens worth $595 million. This time 1,099,888 BNB was destroyed which is an approximate equivalent of $595,314,380 and 0.65 percent of the total coin supply
This is the exchange’s 15th quarterly BNB burn, and it’s the most it’s ever done in terms of dollars. This is due to the fact that the price of BNB increased by over 16 times during the quarter, from $35 to about $600.
The method of permanently removing a crypto token from circulation is referred to as “burning.” Binance pledged to burn 100 million BNB, or half of its stock, when it first launched BNB in 2017.
After today’s coin burn, the total BNB supply has officially fallen from 170,532,825 to 169,432,937 coins.
Binance (BNB) Price Reaches All-time-high!
Binance Coin (BNB) Price reached a new all-time high of $650 after a 30% surge, before retracing to $550 prices. In the last week, the altcoin has gained nearly 60%, nearly doubling its previous month’s ATH above $300. The recent price increase is due to Binance’s quarterly BNB burn case, in which a portion of the BNB supply is burned.
Behind Bitcoin and Ethereum, BNB-USD is now the world’s third-largest crypto currency. Due to the high GAS fees associated with Ethereum, Binance’s popularity skyrocketed in the first quarter of this year. In fact, according to Binance, the “most used blockchain in terms of unique active wallets” is now Binance Smart Chain.
Binance recently introduced a new feature that allows traders to trade fractional tokenized stocks. Tesla and Coinbase have been added first, following their latest direct listing on the Nasdaq.
At the time of writing binance is trading at $517.24.