Binance destroyed $60.6 million BNB coins in its biggest burn ever in hopes to boost the price of the token so let’s find out more in the upcoming Binance Coin news.
The burn removed approximately 3,477,388 BNB coins that are worth $60.5 million from its circulation. Binance destroyed BNB in the past quarters as well to boost the price of its native cryptocurrency however, this time, the burn didn’t boost the price. Crypto exchange Binance announced back on Friday its biggest burn ever removing $60.0 million worth of BNB from circulation.
🔥 3,477,388 BNB gone forever.
🔥 $60.5M USD value
"I am more certain about the future of crypto than ever." – Read @cz_binance's recap of the last 3 years, and plans for the future. ⬇️
— Binance (@binance) July 18, 2020
The burn removed the ethereum-based ERC-20 tokens used as a medium of exchange on Binance and this is the 12th quarterly burn as a part of the exchange’s strategy to cut down the supply in half to 100 million coins. The quarterly coin burns aim to reduce supply and to increase the price of the token as Binance wrote in its whitepaper. To conduct the burns, the exchange uses 20% of its profits to purchase Binance coin on the open market and to burn them up to 50% of its supply. The burn didn’t boost the price of BNB as they hoped so but the value of the coin is down by 1.51% in the past 24-hours according to the Coinmarketcap data.
Binance’s latest burn happened during the first month of the third anniversary for the exchange as the CEO Changpeng Zhao said in his announcement that he cannot deny his proud feeling for the achievements and the hard work the team has done in the past three years to overcome the challenges. He also listed the latest achievements in the post highlighting that the Binance Futures platform maintained the status as a top crypto futures exchange and that the fiat-to-crypto channels are enhanced.
The latest burn surpassed April’s burn when a total of $52.5 million worth of BNB coins were destroyed. BNB or the Binance Coin is now the tenth biggest cryptocurrency by market cap and stands at over $2.6 billion. In the past 24 hours more than $143 million BNB was traded. The latest reports from the exchange give the users discounts when trading on the platform and they can even trade on the open market.
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