Binance Burns over $500 Million worth of BNB

0
2525

This Friday, crypto firm Binance completes its 15th BNB token burn that it does quarterly, this time burning over a million BNB tokens amounting to approximately more than $500 million. This latest token burn decreased the total supply of BNB from the precise number of 170,532,825 to 169,432,937 BNBs.

Notably, this latest token burning is also the most substantial BNB burn to date via dollar value. That said, it does not necessarily mean that it also burned the most BNBs but acts more as a testament to how great BNB’s price is doing lately in the global market. Reports point out that the token has managed to skyrocket in value this year, approximately 1,520% higher than last year’s numbers.

The price insinuations of erasing such extensive amounts of BNBs from the market are expected to positively result in the demand for BNBs, much like how previous token burnings panned out. As per the CEO of Binance, Changpeng Zhao, token burning achieves the very same economic implications as that of an airdrop, but minus the need for several blockchain tx. On top of that, it is more evenly distributed.

Zhao then adds that he still finds himself surprised at how many are still incomprehensible about the positive effects of token burning despite its now many instances of providing excellent outcomes.

LEAVE A REPLY

Please enter your comment!
Please enter your name here