Binance, a cryptocurrency exchange platform, has announced that its 12th coin (BNB) burn was the biggest-ever in terms of BNB and US dollar.
According to the platform, 3.477.388 BNB has been taken out of circulation forever. This amount translates to nearly $60.5M.
A New Record
The 11th BNB burn was in April, Ethereumworldnews.com reported. It recorded 3.373.988 BNB.
The latest BNB coin burn has a special significance as it coincides with the third anniversary of Binance.
A New Momentum
The latest coin burn fueled a rally for BNB in the crypto markets, Ethereumworldnews.com added.
Generally, July has been a good month for BNB. Till last week, the Binance Coin has outperformed Bitcoin by nearly 17% during the month so far, Cointelegraph said.
The uptrend in BNB price attracted investors’ attention.
Commenting on the 12th coin burn, Changpeng Zhao, the Chinese-Canadian founder and CEO of Binance, said via Twitter, “I am more certain about the future of crypto than ever.”
However, a retracement looks likely for Binance Coin in coming days, according to Ethereumworldnews.com
What Is Coin Burning?
Notably, burning events have been a regular feature in BNB token management. Coin burn takes place every quarter of the year.
The BNB burning events are scheduled to take place every quarter until 100m BNB are eventually wiped out. This represents 50% of the total BNB ever issued (200m BNB), Binance Academy explained.
The amount of BNB coins to be destroyed is based on the number of trades performed on the exchange within a 3-months period. Thus, following each quarter, Binance withdraws BNB based on the overall trading volume, Binance Academy added.