Black and Yellow Crypto Giant Burns Hundreds of Millions Worth of BNB
Major cryptocurrency exchange Binance has reported the successful completion of another round of burning its native token BNB. According to the data, a record 2.06 million BNB were burned this time. This equates him to over $600 million to date. In total, 44.1 million Binance coins have been mined so far. This represents 21.83% of the total BNB supply of 202 million tokens.
Binance token burns are quarterly, and 2.07 million BNB will be burned by the end of the first token burn in 2023, according to the BNB Burn Portal. Interestingly, the current quarter’s burning formula employs a price of $275.12 per BNB, even lower than the fourth quarter of 2022.
Binance Coin (BNB) Price Movement
At the same time, the price of the Binance token has risen by more than 20% over the past two weeks, recovering from a commensurate decline in December. This was done amid fear, uncertainty and doubt about the deal following rumors of prosecution for illegal activities.
The BNB price barely reacted to the news of the massive token burn, but continued to hold a significant level above $295.5 per token. In price action since the beginning of the year, Binance Token has lagged both Bitcoin (BTC) and Ethereum (ETH), sparking the idea that FUD continues to put pressure on the token’s market. .