Binance takes to burning more than $1.17 billion worth of BNB tokens

Binance, a prime cryptocurrency exchange, has taken $1.17 billion worth of coins from circulation, amounting to 1.3% of the contained asset. For Binance, this is part of getting over its 27th quarterly BNB token burn exercise. 

This was not the burning of tokens related to the Pioneer Bum program.  This bit of information regarding the exercise of burning tokens had no impact on the overall pricing of the BNB tokens. As per CoinMarketCap, during a single day, the token shed 0.9% compared to its last value. It dropped to $600. 

For the last week, the pricing of the token increased by 13%, despite the US contemplating the imposition of a three-year sentence pertaining to the founder of Binance, Changpeng Zhao. However, BNB’s market cal went downward to 2.2%, at $88 billion, though the trading volumes increased by 1.4%. 

Before this, Binance took away from circulation roughly 2.14 million BNB, worth $636 million, towards the beginning of the year. The total value of BNB burned amounted to approximately 1.38% of the total collection of the asset. 

At the time of the release of BNB in 2017, a serious pledge was taken to destroy 100 million coins via burning. This exercise takes place quarterly, and the calculation is done with the help of the auto-burn mechanism. This brings about clarity and other important factors not connected with the exchange. Additionally, the BNB Chain periodically burns a segment of the gas fees on the blockchain in the real world.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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