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Binance Coin Mildly Down as Total Amount of BNB Burned Surpasses $3 Million

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Mon, 12/06/2021 - 12:46
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Tomiwabold Olajide
Total amount of BNB burned has already surpassed $3 million
Binance Coin Mildly Down as Total Amount of BNB Burned Surpasses $3 Million
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According to BurnBNB data, the total amount of BNB burned is now above $3 million. Binance Coin (BNB) is mildly down today in comparison to the rest of the altcoin market. In the last 24 hours, the majority of altcoin tokens have suffered notable losses between 10% and 30%.

On Nov. 30, Binance Smart Chain went through one of the most extensive upgrades since its inception. Dubbed Bruno Upgrade v1.1.5 (also known as the BEP-95 upgrade), the hard fork introduced a real-time burn mechanism for BNB token.

The latest update from BurnBNB, the BNB token burn tracker bot, indicates that 6,100 BNB - worth $3,655,350 - has been burned since the BEP-95 real-time burning upgrade, which allots a fixed ratio of Binance Coin collected by each validator to be burned.

Binance Coin began with an initial supply of 200 million tokens, but due to regular coin burn events, the supply is gradually decreasing. This figure currently stands at $166.8 million, according to data from CoinMarketCap.

BNB presently trades down 3% for the day at $541. BNB’s market cap is currently $90.4 billion, remaining the third largest cryptocurrency behind Ethereum (ETH).

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About the author

Tomiwabold is a cryptocurrency analyst, technical analyst and experienced fund manager. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.