Binance Burns $617,696,701 Worth Of BNB Coins
The Binance team announced the successful burning of the 22nd quarterly Brun of BNB coin.
BNB is a native coin of the Binance exchange but using BNB coin doesn’t pose any kind of benefit for the Binance customers. In short, we can say that Binance exchange & BNB coin are under the control of totally different teams. BNB coin runs on the BSC network and the ecosystem of the BSC network is very big.
On 17 Jan 2023, Binance announced that 22nd BNB burn was completed, in which $617,696,701 worth of BNB was burned.
So far to this date, 42,813,093 BNB coins have been burned as a part of the quarterly BNB burn program. To make these things better through an automatic system, devs also introduced BEP-95 in October of last year.
As per the plan, the Binance team aimed to burn 100 million BNB coins and after that it will stop. So far to this date, 21% of the total supply has been burned.
BNB price action
At the time of writing this article, the price of the BNB coin is $321 and this price is 21.5% high over the last 30 days’ trade price.
Benefits of burning coins
In the last few years, it has been seen that many crypto projects started their initiative to burn the supply of their tokens. A perfect example of this thing can be seen in the Shiba Inu token supply, where community working hard to reduce the supply of Shiba inu token via different kinds of programs.
In the traditional token burn procedure, isually Crypto projects send their tokens to a Crypto address, whose private key can’t be owned by any person.