Binance, the world’s largest cryptocurrency exchange by trade volume, stated in a statement on January 17 that it has carried out a new burn.
Binance CoinAccording to the information stated in the whitepaper of , a certain amount of BNB is burned every quarter according to the volume of the stock market.
In this context, Binance has now burned $800 million.
$800 Million BNB Burned
in total 1.68 million BNB was burned and the 18th burning was completed.
Binance has actually recently switched to a new system for BNB burns.
Up until last month, the exchange was burning BNB based on a portion of the volume it achieved each quarter.
However, in the system called “Auto Burn”, which the exchange has just implemented, tokens are burned daily based on the BNB price.
BNB’s automatic burning system takes into account both the daily price and the daily block production.
When BNB was first launched in 2017, 100 million BNB that is, aiming to burn half of the total supply Binance, up to this date, it has burned 35 million BNB.
This move of the giant cryptocurrency exchange failed to break the $500 resistance of BNB.
BNB, which is still the third largest cryptocurrency by total market capitalization, fell by 2.8% despite the token burn.
However, it is understood that BNB, which has experienced an increase of 8.5 percent in the last 7 days, has priced the burning news in advance.