The world's largest cryptocurrency exchange Binance has made a new announcement regarding the traditional burning of its native token Binance Coin (BNB).
According to the statement made by Binance, 1,991,854.33 BNB was burned in the 24th burn that took place today. It is stated that the approximate market value of these BNBs is around $484,020,522 million.
Binance made the following statements in its statement:
“BNB Chain has completed its 24th quarterly burn of BNB.
The total automatically made BNB is 1,991,854.33 while the approximate value of these BNBs in USD is around $484,020,522.
This burning is done as part of a commitment to remove 100 million BNB (half of its total supply) from circulation through the incineration when BNB was launched in 2017, and ultimately keep only 100 million BNB in circulation. This commitment is fulfilled automatically every three months.”
#Binance completes the 24th Quarterly #BNB Burn!
🔥 1.99m #BNB has been burned 🔥 pic.twitter.com/7BLGMTxeba
— Binance (@binance) July 19, 2023
Binance CEO CZ also shared about the BNB burning.
“The quarterly BNB burning is done according to the general algorithm.
It was said that there will soon be more on-chain (large) transactions to distribute/spread the coins to more addresses. There is nothing to worry about.”
The quarterly #BNB burn is done, according to the public algorithm.
I was told there will be some more on-chain (large) transactions shortly, to further distribute/spread the coins to more addresses. Nothing to be alarmed about. 🙏
— CZ 🔶 Binance (@cz_binance) July 19, 2023
BNB continues to trade at $243.8 at the time of writing.
*Not investment advice.