The largest cryptocurrency exchange in the world in terms of trading volume Binance has issued its latest quarterly token burn report in which it has said that its 13th quarterly token burn has successfully been completed. In this token burn, the Malta-based digital currency exchange has destroyed an amount of $68 million in BNB coins. It is reportedly a massive token burn for the major exchange so far. However, this huge BNB burn has not affected much the price value of the exchange’s native cryptocurrency Binance Coin (BNB).
Biggest-ever BNB burn for Binance in terms of Dollar Value
As per the official blog post of Binance, 2,253,888 BNB tokens in total have been burned by the cryptocurrency exchange in its 13th quarterly token burn. It is equal to 1.13 percent of the total supply of BNB. This amount of BNB is worth approximately $68 million. Reportedly, it is the biggest-ever token burn for the top digital asset exchange Binance so far in terms of the US Dollar (USD) value. While on the other hand, it is the fourth-highest token burn in terms of the total number of BNB tokens destroyed.
An amount of BNB is traditionally destroyed each quarter by the major cryptocurrency exchange Binance. In the previous quarter, Binance destroyed a total of 3,477,388 BNB tokens worth approximately $60 million. It represented 1.74 percent of BNB’s entire supply. Before this quarter, a total of 3.4 million in BNB worth around $52 million was burned by Binance which is equivalent to 1.69 percent of its supply.
The main purpose of Binance behind burning a specific amount of BNB every quarter is that it wants to lower the circulating supply of the coin to 100 million. Currently, the circulating supply of Binance Coin (BNB) is standing at 144,406,561 BNB. Binance is expected to continue its quarterly token burn until BNB’s supply reaches 100 million.
Binance Coin’s price value was affected slightly by this potential token burn. The coin gained twenty percent in its price after this burn. Currently, the price of BNB is up over 1% in 24 hours while trading at around $30.