Binance He added a new burn to his regularly announced burns and announced that a total of 1,830,382 BNB was removed from circulation. The total value of BNBs burned is currently over $740 million.
Binance, known as the world’s largest crypto exchange, has more than 1.8 million in a tweet it shared today. BNB tokenannounced that . Binance CEO Changpeng Zhao argued that the burning process is the biggest proof of BNB’s deflationary nature.
BNB Chain (BNB), the native token of the world’s largest crypto exchange, completed its 19th burn earlier in its history on April 19. The company sent 1,830,382 BNB (over $741 million at the time of transaction) to a wallet that can only receive but not send tokens.
#Binance Completes 19th Quarterly #BNB Burn!
🔥 1.8m #BNB has been burned 🔥https://t.co/BX51dEh8We
— Binance (@binance) April 19, 2022
In addition to giving transparency and predictability to the society, the process deflationary presumed to have an effect. In BNB, on the other hand, the main purpose of burn events is to gradually maintain the total supply until it reaches below 100 million tokens.
$741,840,738 worth of #BNB will be taken out of circulation soon.
Real time info: 👇https://t.co/BikWciOHY7#BNB is deflationary. If you don’t know what that means, you lack basic financial knowledge to get lucky in this world. Harsh but true. Time to learn.🙏
— CZ 🔶 Binance (@cz_binance) April 19, 2022
Sharing a new tweet later, the CEO emphasized that Binance’s initiatives were justified and the details of these transactions are included in the whitepapaer, and therefore the team is determined to follow the relevant procedures every three months.
It is already known that burns generally have an impact on the price of BNB. Regardless of the burn, BNB also caught the positive mood in the crypto market and rose. At the time of reporting, BNB was valued at around $417. The company last burned in January, by burning $800 million worth of BNB.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.