- Binance announced the completion of its 23rd BNB burn.
- More than 2 million BNB coins were burned.
The world’s largest cryptocurrency exchange, Binance, announced a burn of BNB coins.
23rd BNB Burn Completed!
Cryptocurrency exchange Binance announced today that it has burned over 2.02 million BNB (formerly known as Binance Coin) tokens. This amount is worth more than $675 million.
#Binance burned $675 million worth of $BNB.
— CO NEWS (@coinotag) April 14, 2023
No Rise in BNB Price!
When BNB was launched in 2017, it was committed to burning 100 million BNB (half of the total supply) through the burning process and keeping only 100 million BNB in circulation. This commitment is automatically fulfilled every three months and is calculated according to the Automatic Burning formula.
BNB Automatic Burning provides an independently auditable, objective process. It reports the numbers every three months and the mechanism is independent of the Binance central exchange. Moreover, BNB Chain continues to burn a portion of BNB Chain’s transaction fees in real-time using the Real-Time Burning mechanism.
After the BNB burn, there were no sudden movements in the BNB price, and the BNB coin price is currently trading at $332. Its daily increase is more than 2.5%.
