Binance, the top crypto exchange in the world has reported its 12th quarterly BNB coin burn in which it has destroyed a massive amount of its native digital currency. The crypto exchange has burned an amount of $60.5 million in BNB out of its total circulation supply in this quarterly burn. Binance believes that the move is likely to boost the price value of the coin.
Binance’s 12th BNB burn – the biggest ever
Binance has made a strategy according to which it burns a portion of its BNB coins each quarter in an attempt to boost its price value. Now, the major crypto exchange by trading volume has completed its 12th quarterly BNB token burn.
According to the announcement made by Binance, the crypto exchange has burned 3,477,388 BNB in total following its planned strategy. Reportedly, it is the biggest-ever coin burn recorded by Binance.
This quarterly burn has surpassed the previous one, which occurred in the month of April in which an amount of $52.5 million in BNB was destroyed and removed.
Also read:No affect on BNB’s Price Value
The basic purpose behind Binance’s coin burn strategy is to escalate uplift in the price value of BNB by reducing its supply. However, the price of BNB still remains unaffected despite this record coin burn by the exchange. Currently, Binance Coin (BNB) is trading at $17.18 with a change rate of- 0.02% in 24 hours.
During the announcement, the CEO of the exchange Changpeng Zhao (CZ) has highlighted the achievements that the crypto exchange has covered and appreciated the efforts and hard work done by the team for these achievements of the exchange. He said:
“can’t deny a proud feeling, not so much for our achievements, but for how hard our team has worked in the last three years to overcome many challenges.”
Binance’s massive coin burn has come at the time when the leading crypto exchange has celebrated its third anniversary.
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