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Binance Burns Record $595.3 Million Worth of BNB, Reaching New Milestone

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Fri, 04/16/2021 - 09:09
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Yuri Molchan
Leading crypto exchange Binance has reported another scheduled quarterly burn of BNB – this time destroying a record worth of BNB is USD
Binance Burns Record $595.3 Million Worth of BNB, Reaching New Milestone
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Binance has announced that another quarterly token burn has been conducted, eliminating a whopping half-a-billion USD worth of Binance Coin (BNB).

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Image via Twitter

15th BNB token burn completed

Binance has been conducting token burns for around four years already, destroying large amounts of its native BNB token every quarter.

This time 1,099,888 BNB was destroyed, which is approximately equivalent to $595,314,380, or 0.65 percent of the total coin supply. The current BNB price is $541, hence the high USD equivalent.

During the previous burn, a 3x greater amount of tokens was incinerated (3,619,888). However, since the price back then was only $45, the value of the burnt tokens in the USD was $165,791,000. That constituted 1.81 percent of the total supply.

This previous token burn was the greatest in BNB history so far.

The overall BNB supply after today's coin burn has officially dropped from 170,532,825 to 169,432,937 coins.

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Image via Binance

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BNB's recent success story, ATH above $600

Just recently, Binance Coin managed to blast into third place on CoinMarketCap and recorded several all-time highs in a row, with the most recent being $637.44 on April 12.

The reasons for that are partly the quarterly coin burns, along with Binance's growing participation in the DeFi industry and rising role as an Ethereum competitor with its Binance Smart Chain. Binance Smart Chain offers cheap rates and constantly sees large inflows of new users.

The other day, Binance added a new feature that allows for the trading of fractional tokenized stocks. Shares of Tesla and Coinbase, after its recent direct listing on the Nasdaq, have been added first.

At press time, BNB is changing hands at $528, as per data from CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.