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Binance token burn: Binance burns BNB tokens worth $38.8 million

Binance token burn Binance burns BNB tokens worth million

Binance conducted its 10th quarterly Binance token burn and removed 2.22 million BNB coins from circulation

Binance token burn

Crypto exchange platform, Binance, has conducted its 10th quarterly token burn removing BNB tokens worth nearly 39 million dollars from circulation. The event was the asset’s second-biggest token burn in terms of the coins’ value in USD and third in terms of Binance Coin (BNB) coins burned. This time a total of 2,216,888 BNB coins were burnt. The last token burn was conducted in October 2019, which burned a total of 2,061,888 coins worth 36.7 million dollars.

Binance Chairman Chengpeng Zhao or CZ highlighted that the platform is making efforts to increase fiat-to-crypto options as 24 fiat currencies can now be traded for crypto assets on the platform. He admitted that BNB is still far from reaching an all-time high but highlighted that the token had seen an increase in its value against the US dollar for the fourth consecutive quarter. This proves that Binance Coin’s value is still rising with upper bounds unknown.

Would Binance token burn’s affect its price

Token burning reduces the total circulation supply. Binance planned to have 200 million tokens that would be reduced to 100 million tokens through quarterly token burns. With the recent token burn, the number of BNB coins has decreased to 155,536,713 BNB coins.

However, it was unknown whether this would affect its price. One curious person raised the question on Twitter to which CZ replied that no, it would not affect the price. CZ also stated that the token burn event is highly misunderstood as “most people don’t know what a burn is.”

Featured image by pixabay.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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