Binance, the world’s largest exchange by trading volume, has just burned out its native tokens Binance Coin (BNB) worth more than half a billion dollars, the most valuable burn ever in dollars.
Binance burned the tokens for an incredible $ 640 million
Binance recently completed the 17th token burning. More than 1 million BNB were removed from circulation, which is a comparable amount as in previous event. However, due to the increased value of the token, it is the burn with the highest value so far.
It is already the 17th burning since October 2017, when the first one took place. According to the exchange, 1,335,888 BNB were removed. In dollar terms, this equates to $ 639,462,868 at the time of the burn.
Specifically, 1,318,049 BNB were actually burned, while 17,839 BNB were “effectively burned” through the Binance Pioneer Burn Program. The program counts BNB that have been virtually lost after sending BNB to dead addresses.
This is more than 1,296,728 BNB tokens removed from circulation during the previous burn, as well as 1,088,888 deleted during the 15th burn. However, the 14th burn still exceeds this number, at that time more than 3 million tokens were removed from circulation at once. However, from a Fiat’s point of view, the last burn was the only one worth over $ 600 million.
The market capitalization of the BNB has increased significantly since the last incineration. Although it was $ 50 billion on July 18, it now exceeds $ 80 billion.
Quarterly burning are the procedures outlined in the white paper network. It promised continuous purchase and burning of BNB until the offer was reduced to 100 million BNB from the original 200 million. The current supply in circulation is 168,137,035 BNB.
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