Binance burns over 1 million BNB

Binance burns over 1 million BNB
Binance exchange has burned over 1 million tokens of its native coin – Binance Coin (BNB). The value of the burned BNB is currently around $ 640 million. This means that the platform’s total revenue in the quarter was over $ 3 billion.

According to the official announcement, Binance burned a total of 1,335,888 BNB tokens. In the statement of the exchange, we can read:

We completed our 17th quarterly burning of BNB tokens of 1,335,888 BNB (roughly equivalent to $ 639,462,868). The latest quarterly burn includes an actual burn of 1,318,049 BNB. In addition, 17,839 BNB was removed from circulation, which was successfully burned through the Pioneer Burn program.

When cryptocurrency tokens are “successfully burned”, some coins end up in the so-called “eater address” which is also referred to as a “black hole”. Its private key is not accessible to anyone. Thanks to the “Pioneer Burn Program” from Binance, tokens that were lost after sending to dead wallet addresses are also burned.

Market capitalization of BNB reached over $ 80 billion yesterday. According to CoinGecko, the active supply of BNB in ​​circulation is 168,137,035.

According to CoinMarketCap, the market capitalization of all cryptocurrencies combined has exceeded $ 2.5 trillion. Since the beginning of this year, the overall cryptocurrency market has grown by 233 percent.

20-10-2021, Mr Advice TEAM

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