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    Home » Crypto News » Binance Burns Almost $400 Million Worth of BNB, Price Unfazed

    Binance Burns Almost $400 Million Worth of BNB, Price Unfazed

    Author: George Georgiev

    Last Updated Jul 19, 2021 @ 07:17

    Binance completed another quarterly burn of BNB. This time, however, the price failed to react.

    One of the most highly anticipated events in the Binance community is the quarterly burn of BInance Coin (BNB). This time around, the company burned almost $400 million worth of it.

    • Binance, the world’s leading exchange by means of trading volume, has completed the 16th quarterly burn of BNB.
    • According to the company, the entire thing saw around 1,296,728 BNB burned, with a total value of approximately $393,673,653.
    • Last time, in April, Binance burned less BNB, but its cumulative USD value was higher – about $600M.
    • It’s also worth noting that it’s no longer possible to reverse-engineer the burn and figure out the profit of the company because Binance switched to a new burning scheme.
    • Unlike previous times, when the price increased in response, this time BNB remained unfazed, which is probably a signal of the stagnating market conditions we’re currently facing.
    • Changpeng Zhao, the CEO of the exchange, also revealed that an additional 16 million BNB was unlocked and moved to a team address, which is according to the schedule in BNB’s whitepaper.
    • However, to shatter any doubts, he reminded that the “team has never used or sold a single team BNB thus far, only burned them.”
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    Tags: Binance Binance Coin
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    About The Author

    George Georgiev
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    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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