Binance Burns Almost $400 Million Worth of BNB, Price Unfazed
19 Jul, 2021•1 min read•Other
One of the most highly anticipated events in the Binance community is the quarterly burn of BInance Coin (BNB). This time around, the company burned almost $400 million worth of it.
Binance, the world’s leading exchange by means of trading volume, has completed the 16th quarterly burn of BNB. According to the company, the entire thing saw around 1,296,728 BNB burned, with a total value of approximately $393,673,653. Last time, in April, Binance burned less BNB, but its cumulative USD value was higher – about $600M. It’s also worth noting that it’s no longer possible to reverse-engineer the burn and figure out the profit of the company because Binance switched to a new burning scheme. Unlike previous times, when the price increased in response, this time BNB remained unfazed, which is probably a signal of the stagnating market conditions we’re currently facing. Changpeng Zhao, the CEO of the exchange, also revealed that an additional 16 million BNB was unlocked and moved to a team address, which is according to the schedule in BNB’s whitepaper. However, to shatter any doubts, he reminded that the “team has never used or sold a single team BNB thus far, only burned them.”