Binance announced the completion of the 15th BNB burn earlier today of just shy of 1.1 million tokens. Although the amount in coins has substantially declined compared to the past several such events, it set a record in terms of USD with almost $600 million.
- The announcement from the Malta-based cryptocurrency exchange from earlier today reads that the company has completed the 15th quarterly BNB token burn “in accordance to the Binance whitepaper.”
- The amount of coins destroyed is 1,088,888. Interestingly, this is actually the fourth-smallest amount burnt in terms of BNB and is considerably less than the previous event – 3,619,888 BNB.
- However, the price growth of Binance’s native token has helped it set a new ATH in terms of the US dollar. The company said the 15th BNB token burn was worth $595.3 million.
- The popular crypto exchange has vowed to buy and destroy BNB worth a certain percentage of its quarterly profits until it brings down the token supply to 100 million. After the latest event, the BNB supply is down to 154.5 million.
- Binance Coin is among the best performers price-wise since the start of the year. BNB entered 2020 beneath $40 but has rapidly appreciated in value.
- CryptoPotato reported the latest record reached earlier this week when the cryptocurrency skyrocketed to $640.
- Although BNB has fallen by more than $100 since then and currently trades just shy of $520, it’s still up by about 1,200% YTD.