The leading Cryptocurrency exchange operator Binance has announced that it has burned nearly 1.4 million BNB tokens (worth about $640 million at current prices) this marks Binance's biggest quarterly burn to date in dollar terms.
"Burning" refers to the process of permanently removing the potion of some crypto token from circulation thereby reducing its supply and potentially increasing its price. Binance was committed to burning a total of 100 million BNB tokens every quarter since 2017 when it was launched.
According to Block Research, Binance has burned 16.60% of the BNB supply to date. The number of tokens that are destroyed each quarter is calculated based on the trading volume on Binance's crypto-to-crypto exchange.
Binance burned $393 million worth of BNB in the second quarter and $595 million in the first quarter of 2021 according to the U.Today report.
The BNB price added a meager 1.2% after the burn was announced before quickly trimming even such modest gains.
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