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Cryptocurrency

Binance Burns 1.3M BNB as Coin Nears $490

Binance Burns 1.3M BNB as Coin Nears $490

  • Popular cryptocurrency exchange Binance has announced the completion of its 17th annual token burn
  • The world’s largest crypto exchange by trading volume disclosed that 1,335,888 BNB, worth roughly $639,462,868 was burned
  • Following the huge token burn, BNB has pulled closer to $500 again

The world’s largest cryptocurrency exchange, Binance has announced the completion of its 17th quarterly burn of its token Binance Coin (BNB).

The latest burn which is the fourth and final one of the year involved the burn of 1,335,888 BNB, worth $639,462,868.

Token burning is a strategy devised in the cryptocurrency industry to influence the price of a token or coin. It basically means the total removal of the tokens or coins from market circulation.

According to Binance’s roadmap, 20% of its quarterly income is dedicated to burning some of its tokens.

Following the burn of the crop to currency, BNB rose to $497, its highest level in almost a week. The coin however remains some way off its all-time high of $692.

Binance

An additional 17,839 BNB ($8.5 million) tokens were burnt in the Binance Power Burn Program. This is an incentive that aims to assist users who had lost tokens to smart contracts.

Read also: 4-year-old Gains $60,000 From Bitcoin Investment

The exchange covers this loss by returning the tokens to the customers and deducting them from its quarterly burn.

At the time of this report, BNB is trading at $491, up by 3.5% in the last 24 hours.

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