Binance Burns $547 Million Worth of BNB Tokens in 21st Quarterly Event
Binance's 21st Quarterly BNB Token Burn
Binance has successfully completed its 21st quarterly token burn, removing 2,065,152 BNB tokens worth approximately $547 million from circulation. Additionally, the platform burned 4,833.25 BNB tokens through its Pioneer Burn Program, a initiative designed to reimburse users who lose tokens due to mistakes, with the tokens later subtracted from the quarterly burn.
Purpose and Market Impact
The primary goal of the token burn is to reduce the total BNB supply from 200 million to 100 million, creating a deflationary effect. Despite the significant burn, the event had minimal impact on the BNB market, with its value declining alongside the broader crypto market.
Current BNB Statistics
As of the latest data, BNB ranks fifth on CoinMarketCap, with 161,337,261.09 tokens in circulation. The token has a 24-hour trading volume of $749,079,550, reflecting a 3.26% decrease. Binance continues to demonstrate its commitment to reducing token supply and maintaining market stability.
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