- Binance conducted its 10th quarterly token burn
- Binance burns $38.8 million worth of BNB
- This was the second-largest token burn for the network
Cryptocurrency News Today – The issue of burning tokens have been engaged in by networks to maintain the balance. The event normally removes a certain number of tokens from circulation. Now one top exchange has organized yet another token burn.
According to reports, it is the Binance exchange that has initiated this. The crypto exchange has reportedly conducted its quarterly token burn for the tenth time. This time the network removed BNB tokens worth $39 million from circulation in what has been described as one of the biggest token burns in history.
In fact, the event is the second-biggest token burn for the BNB coin regarding the value of the coin in USD. It is also the third biggest asset burn in terms of the amount of Binance Coin that was burned which is reportedly a total of 2,216,888 BNB. Binance’s last token burn was initiated back in October 2019. At the time the exchange burned BNB worth $36.7 million (a total of 2,061,888 BNB).
Binance Coin (BNB) Price Today – BNB / USD
Binance is Making Efforts to Increase its fiat-to-crypto Offering
Binance has also been making efforts to add more fiat-to-crypto options to its platform. The network’s Chairman Chengpeng Zhao highlighted this. According to him, the largest cryptocurrency exchange has made efforts to increase its fiat-to-crypto options. They are currently 24 fiat currencies available for trade for crypto assets on Binance’s platform. Eventually, more options will be added.
Binance Chief also admitted that the network’s coin, the Binance Coin (BNB) is still a long way from posting an all-time high price position. He, however, highlighted that the price of the token had recorded an increase in value against the USD for the fourth quarter consecutively. This is proof that the value of Binance Coin is still rising.
Would the Latest Binance Token Burn Affect the Price of BNB?
Whether the latest token burn would affect the price of BNB or not is unknown. Token burning removes some of the assets from circulation thus cutting down its total circulation supply. Binance already has a plan in place to conduct quarterly burns that would reduce its 200 million tokens to 100 million tokens. With the network’s recent token burn, the total number of BNB coins in circulation has reduced to 155,536,713 BNB.
However, there’s no chance that this would affect the price of BNB. When a curious user raised such a question on Twitter, Binance chief said the recent burn wouldn’t affect the coin’s price. He also stated that token burns are highly misunderstood because many people don’t know about the concept.