Binance Burned BNB Worth Over $547 Million

The world’s largest crypto exchange, Binance, burns BNB tokens according to its plan. This time, it burned 2,06 million coins. At the burning time, the tokens estimated market value exceeded $547 million. That was the 21st quarterly BNB burning.

In addition, 4883 BNB were withdrawn from circulation under the Pioneer Burn program.Over the past day, BNB’s price reduced by 2,6%, according to CoinGecko. The asset is now traded at around $265. During the day, there was a drop in the price to $262.

Recall since 2017, Binance has been aiming to burn 100 million coins and leave only half of the total emission. The amount of BNB burnt is calculated by the algorithm using the Auto-Burn formula. The Binance team implemented this mechanism at the end of 2021.