Binance Successfully Completes 15th Quarterly Binance Coin Burn Destroying $595 Worth Of BNB
Binance, one of the world’s top cryptocurrency exchanges, had recently reported yet another scheduled burn of the Binance Coin token (BNB). As of the time of this writing, Binance has confirmed that an equivalent of nearly half a million U.S dollars has been burned thus far.
The news comes at a time when BNB has been experiencing explosive growth lately. Right now, the current price for BNB is about $530, which is a 3.9% decrease from its previous price within the past 24 hours. However, it is still a huge increase from its price just a couple of months ago, where BNB was valued at approximately $50. In just the course of a few months, the price has managed to increase a hundred-fold, and the cryptocurrency is currently ranked as the 3rd biggest digital currency at this moment in terms of market capitalization, right behind Ethereum and the leader Bitcoin.
Binance finishes 15th quarterly burn
The crypto exchange has been carrying out token burns for about four years now and has thus been getting rid of huge amounts of BNB every quarter. This time around, nearly 1,099,900 BNB tokens had been destroyed, which is worth nearly 0.65% of the overall coin supply, or $595,314,380 to be exact.
To provide some additional context, nearly three times as many tokens had been burned in the previous quarter, amounting to nearly 3,620,000 BNB. At the time, this was equivalent to just about $165,791,000, although it should be mentioned that the value of BNB back then was a much smaller amount, about $45. This had made up a little over 1.80% of the overall supply at the time. Nevertheless, the prior token burn was also the largest in BNB history. Also, following today’s coin burn, the total BNB stock has reportedly decreased from 170,532,825 to 169,432,937 coins.
Altcoins and BNB experience much success, and new ATHs
As aforementioned, BNB has been experiencing much success lately, and for a number of reasons. The quarterly coin burns, as well as Binance’s increasing presence in the DeFi industry and rising position as an Ethereum challenger by its Binance Smart Chain, are just some of the factors behind all this. Binance Smart Chain additionally has low prices and a steady influx of new customers.
Lastly, Binance had also recently installed a new key feature that enabled the trading and processing of fractionalized token stocks.