• Binance completed its 24th quarterly burn of 1,991,854 BNB tokens – equaling approximately $484 million.
• The process also included 747.51 BNB that was burned via the Pioneer Burn Program.
• Binance’s CEO – Chanpeng Zhao (CZ) – said everything was done “according to the public algorithm.”
Binance Burns Over $480 Million Worth of BNB
Binance, the world’s largest cryptocurrency exchange, recently completed its 24th quarterly burn of its native token – burning 1,991,854 BNB tokens – equaling approximately $484 million. The process also included 747.51 BNB that was burned via the Pioneer Burn Program in order to help customers who have lost access to their tokens. This strategy is aiming at reducing the overall supply of the coin down to 100 million coins and has already burned billions of dollars worth of BNB so far since 2017 when it launched its native coin.
Binance’s CEO – Chanpeng Zhao (CZ) – commented on this burn saying that it was done “according to the public algorithm.” He went on to say that there might be some additional “on-chain (large) transactions shortly” that will distribute and spread out these coins across more addresses.
50% Reduction in Supply
The goal with these quarterly burns is ultimately to reduce the token’s overall supply by 50%. In order for them to do this successfully they must continue sending a certain amount of BNB tokens each quarter into an address that no one can access or use in any way other than for burning purposes only.
Unfortunately for investors, despite all efforts put into this burn by Binance, the price failed to react positively and remains relatively unchanged from before news broke out about this burn event.
Overall, it appears as if this most recent burn has not had much effect on market prices yet but could eventually stimulate growth in due time as more coins are sent into oblivion through similar strategies like these burns every few months by leading crypto exchanges such as Binance .