Binance Coin (BNB), the native token of popular crypto exchange, has rebounded in the past 24 hours following its highly anticipated 15th BNB burn.
Binance destroys $595.3 million in BNB
Each quarter, the Binance platform destroys a certain amount of its reserves in BNB, its cryptocurrency. The objective of this “burn” is to reduce the number of BNB in circulation in order to increase its scarcity. A deflationary process that pushes the value BNB upwards over the long term.
On April 16, 2021, Binance has just completed the 15th quarterly BNB burn. A total of 1,099,888 BNBs were destroyed, equivalent to $595.3 million when the operation took place. The total supply of BNB thus decreased from 170,532,825 BNB to 169,432,937 BNB.
This is the most massive BNB burn in Binance history in terms of value, an equivalent over half a billion dollars. Three months ago, the previous burn of this type also broke the record with the destruction of 166 million dollars or 3.5 times less than the 15th burn.
The transaction can be viewed on Binance Chain Explorer, Binance’s blockchain. The burn cost only 0.002 BNB in fees, or 94 cents:
New Milestones on the horizon
Binance Coin is in the middle of a massive bullish run but suffered a slight dip before the 15th burn. However, less than 24 hours after the milestone event, BNB is already moving towards hitting new milestones.
Binance Coin record price is $634 achieved less than a week ago, according to data from CoinMarketCap. The market sentiment for Binance coin with the token impressing the entire crypto sphere with its recent performance. It went from $38 last January to $638, representing an increase of 1,580 in a single quarter.