Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: Coinpedia Fintech News on April 14, 2023, 11:40:30 AM
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The world's largest crypto exchange, Binance, just burned over 2 million BNB tokens in their 23rd quarterly BNB token burn mechanism, and the price of BNB is up by 4% in the last 24 hours!
Binance aims to reduce its circulating supply to 100,000,000 BNB through its BNB Auto-Burn procedure. The exchange uses an Auto-Burn system to reduce the total circulating supply of BNB based on the BNB price and the number of blocks generated on the Binance Smart Chain (BSC) during the quarter.
The latest BNB burn included 2,020,132.25 BNB tokens burned through the BNB Auto-Burn procedure and 656.0230123 BNB burned through the Pioneer Burn Program. With this latest burn, Binance has now burned a total of 46.148 million BNB tokens to date.
Traders haven't immediately responded to the latest burn by Binance, but typically, quarterly BNB token burns are generally followed by an increase in the BNB price. And this time, the price of BNB is up by 4% in the last 24 hours, with the price currently trading at $333.