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    Binance burns $547m in BNB tokens – here’s how the price is now performing

    By Alara Jordan

    09:44, 14 October 2022

    Binance token
    The BNB burn protocol was introduced in December 2021 to provide “greater transparency and predictability” – Photo: Shutterstock

    The cryptocurrency exchange Binance has eliminated $547m in BNB tokens in its 21st quarterly burning event, destroying a total of 2.065 million tokens and reducing the overall circulating supply of BNB.

    The exchange confirmed that the total amount included 4,833.25 BNB that was burned through its Pioneer Burn Program, a system that helps users recover any lost digital assets.

    Binance’s 21st quarterly burn equates to one of the biggest amounts in BNB’s burn history. 

    Binance’s announced it would switch to its BNB Auto Burn protocol in December 2021 to provide “greater transparency and predictability” to its community. During its 20th quarterly burn in July, the network eliminated just shy of two million BNB tokens.

    It said via a company blog post: “Going forward, the quarterly burn will be replaced with BNB Auto-Burn to provide greater transparency and predictability to the BNB Community.

    DOGE/USD

    0.15 Price
    +4.990% 1D Chg, %
    Long position overnight fee -0.0753%
    Short position overnight fee 0.0069%
    Overnight fee time 21:00 (UTC)
    Spread 0.0012872

    XRP/USD

    0.54 Price
    -0.600% 1D Chg, %
    Long position overnight fee -0.0753%
    Short position overnight fee 0.0069%
    Overnight fee time 21:00 (UTC)
    Spread 0.01168

    BCH/USD

    467.85 Price
    +2.910% 1D Chg, %
    Long position overnight fee -0.0753%
    Short position overnight fee 0.0069%
    Overnight fee time 21:00 (UTC)
    Spread 2.50

    ETH/USD

    3,106.63 Price
    -0.110% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 21:00 (UTC)
    Spread 6.00

    “BNB Auto-Burn will be both objective and verifiable, independent of revenues generated on the Binance CEX through the use of BNB and will be automatically adjusting in that the burn amount will be based on the price of BNB, which, in turn, reflects the supply and demand for BNB, as well as the number of blocks produced during a quarter calculated on the basis of on-chain information.”

    BNB to USD

    BNB price performace

    The binancealtcoin was trading at $274 on the morning of Friday 14 October, recording a 24-hour rise of 5.44%. BNB has been on a steady downward trend along with the rest of the crypto market on 13 October, dipping to lows of $259. 

    BNB was trading around $297 at the beginning of the month, but witnessed a sharp drop in price on 6 October after its native blockchain Binance recorded a $100m hack.

    Related topics

    #Cryptocurrency

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    BNB cryptocurrency in a red bubble
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