Binance recently concluded their 17th token burning. More than 1 million BNB, the native token of Binance exchange also for its own BEP-20 Blockchain, were wiped out of current circulation, which is comparable with previous burnings. Due to a tremendous increase in token value, this was the most valuable burn of BNB up to now.
Binance confirmed the recent fire on their website earlier today, The 17th burn since the first one in October 2017. According to the exchange report, 1,335,888 BNB were taken away. In dollars, that’s equivalent to $639,462,868 at the time of the burning. Particularly 1 318 049 BNB ended up being burned, and 17839 BNB have been “effectively burned” through Binance’s Pioneer Burn Program. It also counts BNB that was essentially lost when sending BNB to addresses that were dead.
This is more than the previous 1,296,728 BNB tokens that were destroyed during the previous fire, in addition to the 1,088,888 tokens cleared during the 15th burn. The 14th burn is still far superior to the total amount of more than 3 million tokens from circulation in one go. But, in terms of currency, the most recent burning has been the one to take away more than $600 million of value.
The BNB market cap has grown significantly since the last fire. While it was less than $50 billion as of July 18th, The total value is now more than $80 billion. This is the reason for the record-setting amount of dollars worth the lost tokens. Binance’s quarterly burnings are that are outlined in the whitepaper of the network. Binance has stated that it will continue to purchase BNB and then use BNB until the supply of Binance is cut by 100 million BNB in comparison to 200 million. As per coinmarketcap, the current BNB circulation is 168,137,035.