Biggest BNB Burn Ever? Not Quite: Binance Destroys More Than 2M Tokens Worth $551M

Zinger Key Points
  • Binance destroys BNB worth $551M, token price unchanged.
  • Exchange anticipated to have made a profit of $2.7 billion in Q3 of 2022.

Cryptocurrency trading platform Binance has completed the 21st quarter of its BNB/USD burn, depleting its supply of the tokens by almost $551 million.

Additionally, the exchange noted that 4,833.25 BNB more were burnt through its Pioneer Burn Program, a program that aids customers who have misplaced their digital assets.

See Also: Time For A Hard Fork - Following $100M Exploit, Binance Aims To Enhance Blockchain

Depending on the circumstances, the exchange pays these losses and returns the tokens to users. The overall quarterly burn by Binance is then reduced by the amount of these tokens.

Previously, Binance pledged to burn 20% of its quarterly revenues.

The exchange is anticipated to have made a profit of $2.7 billion during the third quarter of 2022 with the most recent tokens burn.

In terms of its fiat worth, the 21st quarterly BNB burn is one of the largest in BNB burn history.

Approximately $600 million worth of BNB was destroyed back in 2021, making it the biggest BNB burn ever.

See Also: BNB Chain Is Now Operational After Suspension Due To A Cross-Chain Exploit

BNB Token Price Unchanged

The enormous quantity of tokens burned does not appear to have had any impact on the price of the Binance Coin markets, with BNB values slipping down along with the rest of the cryptocurrency market.

By burning the LUNC trading fees accumulated on its LUNC/BUSD LUNC/USD and LUNC/USDT spot and margin pairings on Oct. 3, the exchange also honored its promise to assist Terra Luna Classic (LUNC) — previously Terra LUNA/USD — investors.

The initial burn of LUNC coins cost almost $1.8 million, according to the exchange.

BNB is currently trading at $266.8, according to data from CoinGecko, down about 1% compared to the previous day.

The BNB token is down nearly 10% in the past week and down about 40% in the past year.

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Posted In: CryptocurrencyNewsMarketsBinanceBinance Coin Binance Smart ChainBlockchain
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