The best world known Cryptocurrency exchange platform, Binance released today (monday),that it has burned about 1.4 million BNB tokens ( about $640 million in current market prices) in its largest-ever burn.
Burning in cryptocurrency is the act of permanently putting an end to a crypto token from circulation, therefore reducing its supply and potentially hiking its price. By the time Binance launched BNB in 2017, it had the plan to burn a total of 100 million BNB, i.e., 50% of its total supply. BNB's 40% supply was initially dedicated to the Binance team.
The latest burn that Binance carried out, which is Binance's 17th quarterly BNB burn, is the largest ever in dollar terms. This is due to the price of BNB jumping 58% during the third quarter, from around $305 to about $480.
The company has burned 16.59% of the BNB supply to date, according to Research. Binance burns BNB each quarter based on its trading volumes of the previous quarter.
So watch out for binance in the coming days.