Binance has realized the biggest BNB burn in its history.
The popular cryptocurrency exchange Binance has completed its ‘coin burning’ process for the 12th time at the end of each quarter for its stock exchange coin BNB. The burned BNBs broke a record in terms of both number and dollar equivalent, while the BNB price dropped.
Record BNB Burning Process
Binance cryptocurrency exchange takes a part of the trading volume it has obtained during each quarter from the market’s own cryptocurrency BNB and removes the BNBs it receives from circulation. The company thus reduces the supply of the coin.
🔥 3,477,388 BNB gone forever.
🔥 $60.5M USD value
"I am more certain about the future of crypto than ever." – Read @cz_binance's recap of the last 3 years, and plans for the future. ⬇️
— Binance (@binance) July 18, 2020
Twelve of the BNB incineration took place in the morning. In the combustion process for the second quarter of 2020, a total of 3 million 477 thousand 388 BNBs were burned. The total value of these BNBs in dollars is 60.5 million dollars. This process has been recorded as the largest coin burning process Binance has ever done.
There is a simple rationale behind the record-breaking number of BNBs burned. At the beginning of the second quarter of the year, Bitcoin and all cryptocurrencies first experienced a huge drop due to the Coronavirus outbreak, and during this decline, volume records were broken in the exchanges. In the ongoing period, Bitcoin recovered strongly up to $ 10,000. Therefore, it is not surprising that a very serious volume is obtained in stock markets this quarter.
After this transaction, there is a 1.85 percent decrease in BNB price. According to press time, the BNB price is $ 17.