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Binance burn $400 million worth of BNB

Binance burn $400 million worth of BNB
Binance burn $400 million worth of BNB

Binance burn $400 million worth of BNB

Binance has burned (reduced circulation) approximately $400 million worth of BNB in its 16th quarterly token burn event, tori4africa learnt.

Analyzing the pledge to burn 20% of its profits every quarter, the latest burning suggests that the exchange potentially profited by $2 billion during the second quarter of 2021.

Binance CEO, Changpeng Zhao made the tweet;

In summary: 1,296,728 #BNB (390,855,150 USD) burned by @Binance. The remaining 16m BNB unlocked, and moved to a team address, according to the schedule in the white paper. #Binance team has never used or sold a single team #BNB thus far, only burned them.

This recent  burn is the second largest in Binance Coin’s history by fiat value, with a stunning $600 million worth BNB having been destroyed in March. This represents a 33.33% decline.

The decline in the percentage of burnt token is not far from the numerous factors such as crypto market cap deterioration that has made investors more cautious, the regulatory crackdown on the exchange and also FUD (Fear, Uncertainty and Doubt) over the future of the exchange.

Professionally, burn in coins is a good option because it however leads to a sensitive increase in price, but due to the reddish crypto market anything is the possible.

Remember to Do your research(DYOR).

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