Binance membakar 1 juta token BNB senilai $ 595 juta
Binance burned its own exchange tokens Binance Coin for the 15th time in the quarter. This time, one million coins worth $595M were “gone”. This quarterly burn is considered to be the largest among all previously conducted by the exchange team.
Burning a token implies its “complete removal” from the market. Sometimes, for "burning", cryptocurrency is sent to a public wallet on the blockchain, the keys from which are invalid. This “procedure” often entails an increase in the merit of the coin due to the limitation of the amount of tokens in circulation. However, such a plan does not always work. Sometimes the price does not change at all, because the demand for cryptocurrency remains stable.
In 2017, when the largest digital currency exchange announced its first coin burn, it guaranteed a total “burn” of 100M tokens, which is half of the total Binance Coin supply today. Now the "fortune" of the exchange has decreased from 170 532 825 BNB to 169 432 937 BNB, and the exchange "spent" about 15% of its total supply.
The BNB token has seen a gain of 1,520% this year, growing from 38 to an all-time high of 637.44. Changpeng Zhao linked the rapid growth primarily with the popularisation of the DeFi industry. The exchange managed to grab a considerable share of this “market” from the Ethereum team using BSC and dozens of promising projects created under their auspices. BNB is currently trading in the 520 region on Binance.