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.
Alex DovbnyaThe BNB price added a meager 1.2% after the burn was announced before quickly trimming even such modest gains.
Last week, BNB recorded a double-digit price spike after announcing a $1 billion growth fund.
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