Binance burns more than half a billion dollars in BNB digital currency
Binance announced the completion of another quarterly burn, eliminating half a billion dollars worth of BNB.
- The 15th burn of the "BNB" digital currency is completed:
Binance has been burning its BNB for about four years.
The burning process destroys large amounts of the digital currency "BNB" every three months.
This time 1,099,888 "BNB" was destroyed and burned, which is roughly equivalent to $ 595,314,380, or 0.65 percent of the total "BNB" coin supply.
#Binance Completes 15th Quarterly #BNB Burn
— Binance (@binance) April 16, 2021
🔥🔥 A record $595.3M USD has been burned! 🔥🔥
➡️ https://t.co/F4CCYGuzUM pic.twitter.com/wotIbKH0Nt
The current price of the digital currency "BNB" is $ 526.
During the previous burning process, 3 times more cryptocurrencies were burned.
The previous amount was estimated at 3,619,888 of the "BNB" digital currency.
However, given that the price at the time was only $ 45, the value of the burning BNB digital coin in dollars was $ 165,791,000.
This accounted for 1.81% of the total supply.
The previous incineration was the largest in the history of “BNB” burns to date.
The total supply of BNB has decreased after the coin was officially burned today from 170,532,825 to 169,432,937 BNB coins.
- BNB digital currency reaches a new record level:
Recently, the digital currency BNB managed to climb to third place on “CoinMarketCap” and recorded several new highs and highs, the most recent of which was $ 637.44 on April 12th.
Among the reasons that helped the rise in the BNB currency was the announcement of the recent burning process, in addition to the strong entry of Binance into the field of decentralized finance, Defi and crowding out the Ethereum, which exhausted its users of fees and were looking for alternatives, a point that Binance exploited.
Recently, Binance also added the possibility of trading stocks represented in their value in the form of cryptocurrencies, such as "Tesla", and the "Coinbase" share recently listed on the Nasdaq Stock Exchange.