The world’s largest exchange by volume, Binance, continues to make headlines with its token burns. Last year, it was thought that things would not go well for the exchange after CZ and Binance lost a legal battle, but this was not the case. Despite CZ’s prison sentence, the new CEO created a sense of trust with decisions and statements emphasizing future collaborations. This helped the exchange and its local token, BNB, recover. Just minutes ago, Binance released news specifically about BNB.
BNB Token Burn
Binance, known for its frequent token burns, especially with LUNC and BNB, shared with the world that it made another significant move just minutes ago. The announcement stated that the 28th quarterly BNB token burn on the BNB Chain was successfully completed by the BNB Foundation.
According to the announcement, the number of BNB burned reached 1,643,698.8 BNB, which is approximately 971 million dollars. In addition to the burn, Binance made another statement:
Additionally, a real-time burn mechanism based on BNB gas fees is implemented. BSC validators determine the rate of gas fees collected in each block, and these fees are burned at a fixed rate. Since the activation of BEP95, approximately 234,000 BNB have been burned under this mechanism.
What is the Current BNB Price?
Following all these events, attention turned to the BNB price. After a 0.5% increase in the last 24 hours, BNB is trading at $596. Additionally, market volume decreased to 87 billion dollars.
On the other hand, trading volume increased by 22% to 1.87 billion dollars, indicating that investor interest in BNB continues. The rise in volume along with the price increase may reflect buyers’ willingness to trade.
