Binance completes the fifteenth quarterly coin, effectively dumping approximately half a billion as trash.
Binance disclosed the news couple of hours before via a blog post. Further, the news was also explicated by Binance’s CEO, Changpeng Zhao, who quoted the tweet from Whale alert (blockchain tracker and analytics) as follows:
they have previously burned BNBs 14 times but the latest one is the greatest in terms of US dollars. According to the blog post, 1,099,888 BNBs which accounts for 595,314,380 US dollars are burned in the current one. So now, effectively, BNB’s total circulation has dropped from 170,532,825 BNB to 169,432,937 BNB.
— CZ 🔶 Binance (@cz_binance) April 16, 2021
On a side note, in terms of BNB’s the latest coin burn is the 4th last, out of the 15. The recent coin burn is significant because of its worth in US dollars. Previously the largest, in terms of BNB’s, was the immediate last in which Binance had burned 3,619,888 BNB’s that was equivalent to 165,791,000 US dollars.
It is also notable, as mentioned in the blog post, that Binance’s native coin, BNB, has grown by approximately 1600% since the dawn of the year 2021. As at the start of the year, the BNB was trading around the high end of $30, and just recently, on Apr 12, it recorded an all time high of $638.57.
Though currently, it is down by approximately 19.34% from all time high, the dip seems temporary. Just today Turkish Central Bank banned crypto in the country as a result of which 7 out of the top 10 crypto coins are seeing a downtrend in their values. Currently trading at $522.21, the BNB is also down by 5%.
Moreover, the continuous increase in Binance’s smart chain activity is highly beneficial to BNBs value. According to the data, Binance smart chain network is currently holding 64,957,737 unique addresses in total and daily transaction volume on the Binance is also expanding as currently, it holds 4.737 million transactions which were around 3 million at the start of the month.