Binance, supported by the BNB Chain, announced the successful completion of the 27th quarterly BNB token burn. According to the announcement, BNB tokens worth $1.17 billion have been removed from the market. The burn of 1,944,452.51 BNB tokens has drawn significant attention in the cryptocurrency world.
Binance Conducts Massive Token Burn in its 27th Round
In its 27th token burn, Binance continued to support the cryptocurrency BNB by burning a massive amount of tokens. BNB burns occur in quarterly periods.
BNB is the cryptocurrency that fuels the BNB Chain ecosystem. BNB Smart Chain (BSC), opBNB L2s, and BNB Greenfield Blockchain function as its native tokens. It also serves as a governance token, allowing its holders to transact with projects built on these chains.
When BNB was launched in 2017, it was pledged that 100 million BNB (half of the total supply) would be removed from circulation through a burning process. This process will leave only 100 million BNB in circulation. This pledge is automatically fulfilled every quarter and calculated according to the Auto-Burn formula.
Currently, there are 149,532,855 BNB in circulation. Following this development, the price of BNB is now trading at $606.
