The cryptocurrency exchange Binance has announced that it has burned $ 165 million worth of Binance Coin (BNB). 3.6 million BNB were destroyed by the exchange.
Binance, one of the largest cryptocurrency exchanges, announced a burning event for its own cryptocurrency BNB. As stated by Exchange CEO Changpeng Zhao, 3 million 619 thousand 888 BNB tokens were destroyed with the event held today. While the BNB price was around $ 45, the total value of the tokens burned reached $ 165 million.
On January 19, a new one was added to the 13 fires carried out so far. In the previous burning in October 2020, 2.2 million BNBs worth $ 68 million were destroyed. With the 14th burning, the amount of BNB tokens destroyed today is 1.4 million more than in September.
BNB price broke a record
The burn announcement had a very positive effect on the BNB token price. Binance Coin hit an all-time high just hours before the incineration event. BNB price rose to $ 46.80, setting the record. BNB became one of the most valuable 10 cryptocurrencies yesterday with the momentum it has caught in recent days with the effect of the burning announcement. While BNB was sailing around $ 46, its market value exceeded $ 6.7 billion.
Crypto currency exchange Binance, on the other hand, is a leader by making a significant difference to its competitors with its daily trading volume. The 24-hour volume for Binance is $ 14.6 billion, while the same value is $ 5.7 billion for Huobi, which is in 2nd place. The exchange serves its users with a total of 274 cryptocurrencies and 925 trading pairs. The SmiliarWeb benchmark, which gives the number of website visits for Binance, exceeds 51 million.