Binance announces the 19th burn of its digital currency BNB…Details here
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Answer Binance announces the 19th burn of its digital currency BNB…Details here
The world’s largest cryptocurrency exchange Binance has removed more than 1.8 million BNB from circulation, completing its 19th quarterly BNB burn.
Changpeng Zhao told Binance CEO that the burning process proves the deflationary nature of the asset.
#finance The nineteenth quarter is completed #BNB burn!
🔥 1.8m #BNB got burned 🔥
– Binance (binance) April 19, 2022
Binance announced Operation Burn Number 19 today, April 19th
The company sent 1,830,382 BNB (more than $741 million at the time of the transaction) to a wallet that can only receive cryptocurrencies but none of them (dead wallet).
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$74,1840,738 worth #BNB It will be taken out of circulation soon.
Real time information: 👇https://t.co/BikWciOHY7#BNB is deflation. If you don’t know what that means, you lack the basic financial knowledge to be lucky in this world. Cruel but real. It’s time to learn
– CZ 🔶 Binance (cz_binance) April 19, 2022
Regardless of giving the society transparency and predictability, the process is estimated to have a deflationary effect.
For BNB, the goal of the coin-burning events is to gradually reduce the total supply until it reaches less than 100 million BNB.
In a recent tweet, the president of Binance “CZ” doubled down on this concept and emphasized it.
In a subsequent post, CZ justified the Binance initiative, saying it was written into the white paper and as such, the team is dedicated to following up on the proceedings every three months.
It is worth noting that this process often has a bullish effect on the valuation of BNB.
Like many other cryptocurrencies, Binance is doing well today, trading at around $420 (3% increase in the past 24 hours).
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The previous burn (Q4 2021) occurred in January.
At the time, Binance had burned nearly $800 million in BNB and removed it from circulation.
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