Binance 17th Burn Sees ~$640 Million Worth Of Crypto Taken Out Of Circulation
20 October 2021 - 4:00AM
NEWSBTC
Binance has successfully carried out another quarterly scheduled
burn. This marks the 17th routine burn that the cryptocurrency
exchange has carried out since it had launched its native token
back in 2017. Binance has not missed a single scheduled burn since
that time and will continue to carry out these burns every quarter.
Binance burns 20% of its quarterly earnings, which suggests how
much the crypto exchange has brought in that quarter. The latest
burn suggests that the company may have made over $4 billion in the
3rd quarter of 2021. Burning Millions Worth Of BNB The
cryptocurrency exchange announced in a blog post on Monday that it
had burned 1,335,888 BNB in its 17th burn. This came out to
approximately $640 million worth of coins burned, according to the
price of BNB at the time of the burn. In addition to this, Binance
had also burned 17,839 BNB in its Pioneer Burn Program. This
program was created to help its users who had lost their assets in
uncommon circumstances. Related Reading | Why We Could See The
First Approved U.S. Bitcoin ETF In October In its burn history, the
crypto exchange has burned millions of BNB tokens. The record for
the highest number of BNB tokens burned at a single time was the
12th burn. This saw 3,477,388 BNB burned. While the lowest number
of tokens burned was during the 8th burn, where only 808,888 BNB
tokens were burned. In total, Binance had burned over 31 million
BNB tokens over the history of its scheduled burns. And the crypto
exchange will keep burning BNB tokens quarterly until 50% of the
total supply is taken out of circulation. Binance Sticking To The
Original Plan Binance has maintained its promise to burn a
percentage of BNB until the total circulating supply is halved.
This would mean that the crypto exchange would have to burn
approximately 100 million BNB to achieve this aim. So far, with
about 31.6 million tokens already burned, the crypto giant is not
even halfway through to its goal. Related Reading | Bitcoin
Breaks $60,000 Ahead Of SEC ETF Approvals The Binance team holds
about 40% of the total BNB supply, which goes towards the scheduled
quarterly burns. The crypto exchange said that the team would not
sell any tokens out of this stash and has maintained that they have
never sold a single BNB out of it. BNB trading below $490 | Source:
BNBUSD on TradingView.com After the burn was carried out, the price
of BNB saw an uptick in the price. BNB trended towards $500 in the
early hours of Tuesday, peaking at $497. It has since trended back
down but has only lost about $10 off the value of its price in the
downtrend. The price of the asset sits at $488 at the time of this
writing and is up 4.34% in the last 24 hours. Its current market
cap is $81 billion and BNB has reclaimed its position as the 3rd
largest cryptocurrency by market cap. Featured image from
CoinFunda, chart from TradingView.com
Binance Coin (COIN:BNBUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Binance Coin (COIN:BNBUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024