World-famous cryptocurrency exchange Binance has announced the successful completion of another round of burning of its native token, BNB. According to the data, 2.06 million BNB has been burned this time, setting a record so far with the equivalent of more than $600 million. In total, 44.1 million Binance Coins have been burned so far, representing 21.83% of the token’s total supply of 202 million coins.
According to the BNB Burn portal, Binance’s token burning occurs quarterly, with 2.07 million BNB planned to be burned in the first burn in 2023. What is interesting is that the burning formula for the first quarter of the year BNB priced at $275.12 per head, which seems even lower than in the fourth quarter of 2022.
Binance Coin (BNB) Price Action
Same time, Binance The price of the token has risen more than 20% in the last two weeks, appearing to have recovered from a proportional drop in December despite fear, uncertainty and doubt (FUD) over the stock market after rumors of penalties for illegal activities.
The price of BNB hardly reacted to the news of the massive token burn and still remained at the key level above $295.5 per token. Binance token has been both in price action since the beginning of the year. bitcoin (BTC) as well as Ethereum (ETH), which leads to the thought that FUD continues to put pressure on token prices.