Binance Burns Almost $400 Million Worth of BNB, Price Unfazed

1 year ago

Binance completed another quarterly burn of BNB. This time, however, the price failed to react.

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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.”

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