Global cryptocurrency exchange Binance has “burned” over 1 million tokens of its own coin, BNB.
The 17th Quarterly BNB burn
The financial value of these burned tokens is approximately $640 million (approximately Rs. 4,795 crores). Given the circumstances, the process of “burning” a cryptographic token essentially means taking that token out of circulation in order to control the price increase of that token or to remove unsold units. Since the first burn in October 2017, Binance has completed its 17th token burn session.
According to the official announcement, Binance has burned a total of 1,335,888 BNB tokens, each currently trading at $491.04 (roughly Rs 36,794).
“We have completed our 17th quarterly BNB token burn of 1,335,888 BNB (roughly $639,462,868 equivalent). The latest quarterly burn includes the actual burning of 1,318,049 BNB plus an additional 17,839 BNB that burned effectively via the Pioneer Burn Program, “the official statement from the exchange said.
When crypto tokens are “efficiently burnt”, some coins went to the “eater address”, also known as a “black hole”. Tokens virtually lose after transferring to a dead wallet address thanks to Binance’s “Pioneer Burn Program.”
This burn is the 17th BNB burn, which is more than the 1,296,728 BNB tokens burned in the previous burn.
The market cap of BNB as of now has grown significantly, with the total market cap of BNB tokens to date exceeding $80 billion (approximately Rs 599,928), which explains the historical dollar value of the destroyed tokens. According to CoinGecko, the active BNB circulating supply is 168,137,035. Statistics recently showed that the crypto space is expanding rapidly worldwide.
According to cryptocurrency tracker CoinMarketCap, the market cap of all cryptocurrencies has crossed $2.5 trillion (approximately Rs 1.874.2 billion). The entire cryptocurrency market has grown by 233% since the beginning of the year.
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