Binance Announces 17th BNB Burn Worth Nearly $640 Million…..Biggest Ever

Binance The crypto exchange announced Monday that it has burned nearly 1.4 million BNB tokens (worth around $640 million at current prices), the largest ever.

Burning refers to the process of permanently removing a token from the system. This reduces supply and potentially increases the price. When Binance launched BNB in ​​2017, it was committed to burning 100 million total BNB tokens, which is 50% of the total supply, with 40% of the original BNB. Allocated to the Binance team

actionlast burned —This is Binance’s 17th quarterly burn — the largest ever in dollar terms. Even if it is not counted by the number of tokens. This is because BNB prices rose 58% during the third quarter, from about $305 to about $480.

To date, the company has burned 16.60% of Suppy BNB.

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