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Binance Latest Quarterly Burn Finished With $68M BNB Destroyed

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The binance latest quarterly burn ended up with a $68 million BNB coins being burned and this was its biggest in terms of dollar value, but the price didn’t budge. Following the latest developments, we find out more about our latest binance news.

The Binance latest quarterly burn was announced today by the exchange where $68 million worth of crypto was destroyed forever. The Malta-based exchange said that its 13th token burn where 2,253,888 tokens or 1.13% of the token supply was burned, it became the largest burn in terms of dollar value and the fourth highest in terms of the number of coins burned.

The burning means destroying the coin thus taking it out of circulation, which means that it is the opposite of minting which refers to creating new coins. Burning takes place periodically and increases the demand for the coin so it pumps the price. For these burns, Binance users the profits to purchase Binance Coin on the open market, and then it burns it with a goal to reduce the supply. There are now 144,406,561 BNB in circulation. The price of the coin increased by 20 cents after the burn while the current price is set at $30.42 according to the binance-owned metrics site CoinMarketCap.

Binance burns BNB every quarter as in the last one it burned 1.74% of the token supply or 3,477,388 tokens which were worth $60.5 million. The quarter before that it burned 3.4 million tokens or 1.69% of the total token supply. Binance Coin has had a strong year as its price crashed in March like other coins as well during the market uncertainty that was caused by the coronavirus pandemic from $25 to $8. BNB did well out this summer as investors poured billions of dollars in decentralized exchanges, synthetic assets, and lending protocols.

A few other projects made their way onto the Binance smart chain which is the company’s blockchain as most were limitations of more popular projects on EH as the blockchain on which most of the activity this summer happened. CZ, Changpeng Zhao said:

“From locking liquidity into Burger or PancakeSwap, to paying for the miniscule gas fees on Binance Smart Chain, all of these helped expand the utility value of BNB.”

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