Binance Completes 13th Quarterly Token Burn.
BNB tokens worth a record $ 68 million were withdrawn from circulation.
The token rate reacted to this news without high enthusiasm.
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Cryptocurrency exchange Binance conducted another quarterly burning of Binance Coin (BNB) tokens for a record $ 68 million in dollar terms.
Binance Destroys $68 Million of BNB in Most Expensive Burn to Date | Bitcoin 18K | BEST Altcoin 2020
New Quarter – New Token Burning
Binance, one of the established heavyweights in the cryptocurrency exchange segment, announced on Saturday October 17th the next quarterly burning of native Binance Coin (BNB) tokens. It was marked by the withdrawal of coins from circulation for an unprecedented dollar amount, which to $ 68 million.
$ 68,000,000 USD worth of #BNB taken out of circulation forever.
If you don’t understand: burn, buyback, airdrop, QE, and stimulus, then you are at a significant disadvantage to reach financial freedom. Better learn it.https: //t.co/3sNQRpycA3
– CZ Binance (@cz_binance) October 17, 2020
Earlier in July, the editorial staff of BeInCrypto already talked about the previous, 12th, burning of BNB tokens. At that time, an unprecedented amount of coins was withdrawn from circulation – 3,477,388 BNB.
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During the 13th burn, Binance destroyed fewer coins – 2,253,888 tokens, which is equivalent to 1.13% of the total number of coins in circulation. In terms of the number of BNB coins withdrawn from circulation, this incineration took only 4th place out of 13. However, in dollar terms, this number still set a new record, reaching $ 68 million.
2,253,021 #BNB (68,278,214 USD) burned at #Binance
– Whale Alert (@whale_alert) October 17, 2020
How the market reacts
Binance continues to consistently adhere to its strategy, according to which the exchange plans to burn BNB tokens on a quarterly basis until their supply is reduced to 100 million.There are still 144,406,561 BNB in circulation at the moment.
It is believed that the regular burning of coins increases their scarcity, which should potentially lead to an increase in their value. In fact, as market data shows, the BNB rate has risen by about 20 cents right after the burn, and at the time of writing, it is still trading with a bullish sentiment around $ 30.75, ranking 6th by market capitalization in the CoinMarketCap ranking..
DeFi is better than burning?
This year has generally been a good year for Binance Coin. March Token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More collapsed from $ 25 to $ 8, but the reason for this fall was the total collapse of the markets amid panic triggered by fear of the coronavirus pandemic.
BNB went on to do better, thanks to a boom in the decentralized finance (DeFi) segment this summer. The coin rate has been growing all summer, reaching a maximum of $ 30.42.
As we discussed earlier, Binance is enthusiastically embracing this revolutionary new industry. The exchange actively lists all new DeFi tokens, calling it its contribution to support innovation.
Recently, the project management allocated $ 5 million for the dApp developer reward program. Note that this infusion was only part of a broader Binance initiative to develop DeFi projects based on its Binance Smart Chain platform. As recently as this week, the exchange reported on the first six blockchain projects to receive funding under this $ 100 million investment program..
Binance Coin: BNB REALLY Worth It?? 🤔
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