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Binance Destroys $639 Million Worth of BNB

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Mon, 10/18/2021 - 16:12
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Alex Dovbnya
Binance's burning a record $639 million worth of BNB has failed to push the price significantly higher
Binance Destroys $639 Million Worth of BNB
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Leading cryptocurrency exchange Binance has announced the completion of its 17th quarterly burn.

The company destroyed more than 1.3 million BNB tokens that were cumulatively worth roughly $639 million.

This marks Binance's biggest quarterly burn to date in dollar terms.

"Burning" is the process of shrinking the token's circulating supply. Binance is on track to destroy 50% of all BNB tokens every quarter.

The number of tokens that are destroyed each quarter is calculated based on the trading volume on Binance's crypto-to-crypto exchange.

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As reported by U.Today, Binance burned $393 million worth of BNB in the second quarter and $595 million in the first quarter of 2021.

The BNB price added a meager 1.2% after the burn was announced before quickly trimming even such modest gains.

BNB
Image by tradingview.com

Last week, BNB recorded a double-digit price spike after announcing a $1 billion growth fund.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.