Binance Burns Record $595.3 Million Worth of BNB, Reaching New Milestone
Leading crypto exchange Binance has reported another scheduled quarterly burn of BNB – this time destroying a record worth of BNB is USD
Binance has announced that another quarterly token burn has been conducted eliminating a whopping half-a-billion USD worth of Binance Coin (BNB).
15th BNB token burn completed
Binance has been conducting token burns for around four years already, destroying large amounts of its native BNB token every quarter.
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. The current BNB price is $541, which made the USD equivalent so high.
During the previous burn a 3x bigger amount of tokens was incinerated (3,619,888), however, since the price back then was only $45, the value of the burnt tokens in the USD was $165,791,000. That constituted 1.81 percent of the total supply.
This previous token burn was the biggest in history of BNB so far.
The overall BNB supply after today’s coin burn has officially dropped from 170,532,825 to 169,432,937 coins.
BNB’s recent success story, ATH above $600
Just recently, Binance Coin managed to blast onto the top-three position on CoinMarketCap and recorded several all-time highs in a row with the most recent being $637.44 reached on April 12.
The reasons for that are partly the quarterly coin burns, along with Binance’s growing participation in the DeFi industry and is rising role as an Ethereum competitor with its Binance Smart Chain that offers cheap rates and constantly sees large inflows of new users.
The other day, Binance added a new feature that allows trading fractional tokenized stocks. Shares of Tesla and Coinbase (after its recent directly listing on the Nasdaq) have been added first.
At the time of writing this, BNB is changing hands at $528, as per the data from CoinMarketCap.