In one of its largest-ever token burn events, Binance has burned over 2 million BNB valued at approximately $674 million as part of its quarterly burn process.
The burn is part of Binance’s commitment to maintain the value of BNB tokens. Token burns help maintain the value of the remaining tokens in circulation.
Binance burns BNB tokens every quarter to reduce the total supply and aims to eventually burn 100 million BNB, which is half of its total supply.
Previous Binance Token Burns
- In October 2021, Binance burned 1.3 million BNB, worth approximately $640 million at the time.
- The latest and 23rd burn marks a significant increase in the number of tokens burned.
- Binance has burned a total of 47,670,000 BNB to date, valued at billions of dollars.
BNB Token Performance
- BNB has become one of the top-performing cryptocurrencies in the market.
- It currently ranks 4th in terms of market capitalization.
- The token has seen a steady increase in value over the years, with significant growth in 2021, and is currently trading at around $330 after an uptick in the past two days.
BNB Chain (previously Binance Smart Chain or BSC) has played a crucial role in the success of the BNB token. The blockchain has become a popular alternative to Ethereum for developers, offering lower fees and faster transaction times.
BNB is used as the native token on BSC, driving demand and increasing its value.