Binance burns more than half a billion dollars worth of BNB digital currency…details here
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Answer Binance burns more than half a billion dollars worth of BNB digital currency…details here
Binance announced another quarterly burn, eliminating half a billion dollars worth of Binance Coin (BNB).
The completion of the 15th burning process of the digital currency “BNB”:
Binance has been burning its BNB cryptocurrency for about four years.
The burning process leads to the destruction of large amounts of the digital currency “BNB” every three months.
This time 1,099,888 BNB were destroyed and burned, which is approximately $595,314,380, or 0.65 percent of the total BNB supply.
#finance The fifteenth quarter is completed #BNB burn
🔥🔥 595.3 Million US Dollars Burned! 🔥🔥
Read:Warning: Do not update your Wasabi wallet if you are using Trezor
– Binance (binance) April 16, 2021
The current price of the digital currency “BNB” is $526.
During the previous burning process, 3 times more amount of the current cryptocurrency was burned.
The previous amount was estimated at 3,619,888 BNB digital currency.
However, given that the price at the time was only $45, the value of the burning BNB cryptocurrency in dollars was $165,791,000.
This constituted 1.81% of the total supply.
The previous burning was the largest in the history of “BNB” burnings so far.
The total supply of BNB after the coin burning today officially decreased from 170,532,825 to 169,432,937 BNB blocks.
The digital currency BNB reaches a new record:
Recently, the digital currency BNB managed to climb to the third place on “CoinMarketCap” and set several new highs and highs, the last of which was $637.44 on April 12.
One of the reasons that helped the rise of the BNB currency was the announcement of the recent burning, in addition to Binance’s strong entry into the field of decentralized finance (DeFi) and crowding out Ethereum, the latter of which exhausted its users with fees and looking for alternatives, which is the point that Binance exploited.
Read:A Swiss bank is developing stable digital currencies on the Ethereum network
Recently, Binance has also added the ability to trade stocks represented by their value in the form of cryptocurrencies, such as “Tesla” and the recently listed “Coinbase” stock on the Nasdaq exchange.
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