Binance burned 2,216,888 BNB, equivalent to 38.8 million USD worth of tokens

Today, on January 18, the largest cryptocurrency exchange Binance announced 10th quarterly BNB Burn. “This is the 2nd biggest burn in USD terms and the 3rd highest burn in terms of BNB. Moreover, the USD value of the BNB burn grew for a fourth consecutive quarter.” according to Binance blog.

Binance has conducted its 10th quarterly burn, amounting to  2,216,888 BNB. This burn, which represents activity across Binance spot, margin, and futures exchanges, as well as the various solutions, divisions, and partners that use BNB, from October to December 2019, permanently took away about 38.8 million USD worth of BNB out of circulation. (See the transaction records here: Transfer Transaction 1, Transfer Transaction 2, and Burn Transaction.)

On October 17, 2019, Binance has conducted its quarterly burn of 2,061,888 BNB. This is the same as taking $36,700,000 USD worth of BNB out of circulation, permanently.

Binance Quarterly Coin Burns.

Coin burn in cryptocurrencies means sending some of the coins of native cryptocurrency or some other currency to a public address from which those particular coins can never be spent because the private keys of such an address are unobtainable.

Changpeng Zhao, Binance CEO shared his optimistic view of future BNB prices in the Binance blog

I acknowledge that BNB is still some distance away from its ATH last June, and I’m still mystified that that’s the case. But I don’t worry about it as much, because we view BNB as a long-term play, and many in the Binance community continue to use and hold BNB. We’ve kept our heads down and BUIDL our way during the crypto winter of 2018, when BNB sank from $24 at the start of the year to $5, and in various dips that come before and after it. Because it’s the same BUIDL philosophy that drove BNB to all-time-highs of $40 in 2019, making BNB the first coin to come out of the previous bear market in 2018 and the first coin to beat the previous ATH of $24. We will do the same and keep BUIDLing and keep launching new solutions and enhancements that our users want, said CZ.

BNB is currently trading at 17,7 USD, down 1.5% in 24 hours, ranking 9th on Coinmarketcap with a market cap of $ 2.76 billion.

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