Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, made a statement on his official Twitter account in the last few minutes. In this announcement, CEO Changpeng Zhao announced an important event regarding Binance Coin (BNB).
Binance will burn BNB for $740 million
Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange in terms of market capitalization, recently posted a new tweet. In this tweet, Zhao said: “#BNB worth $741,840,738 will be withdrawn from circulation soon.
The full post of the CEO of Binance on Twitter looks like this:
#BNB in the amount of 741,840,738 US dollars will be withdrawn soon.
Real-time information: 👇
BNB is deflationary. If you don’t know what that means, you lack the basic financial knowledge to be lucky in this world. Tough, but true. Time to learn.
More than 1.8 million BNB will be burned
Data on https://bnbburn.info /, which provides detailed information about the burning of BNB, show that when using BNB Chain for the first time, more than 1.8 million Binance (BNB) coins will be burned this quarter with an average price of $403 per BNB.
BNB supports the BNB Chain ecosystem and is the native cryptocurrency of the BNB Token Chain and BNB Smart Chain. So much so that BNB was released by the Binance crypto exchange after the initial coin offering (ICO) in 2017.
While BNB uses an automatic incineration system to reduce the total amount of BNB to 100,000,000 BNB, the automatic incineration mechanism regulates the amount of BNB burned depending on the price of BNB and the number of blocks created in the BNB smart chain (BSC). ) during the quarter.
According to CoinMarketCap, at the time of writing the content, the popular altcoin Binance Coin (BNB) continues to trade at $ 416 with an increase of 4.57% over the past 24 hours.