Binance, the world's largest cryptocurrency exchange, has announced its 32nd burn of Binance Coin (BNB) tokens.
Details of the 32nd Token Burn
According to Binance's statement, 1,595,599.78 BNB were burned in the 32nd burn, with an approximate market value of around $1.024 billion. After the burn, the total supply of BNB reached 139,289,513.94.
Goals and Mechanism of Token Burn
The BNB token burn is part of Binance's commitment to remove 100 million BNB (half of its total supply) from circulation through regular burns. This burn process occurs every three months and is adjusted based on the price of BNB and the number of blocks produced on the Binance Smart Chain each quarter.
Impact on BNB Price
As millions of BNB are removed from circulation with each burn, a positive impact on the token's price is expected, helping to prevent significant price increases. At the time of writing, BNB was trading at $672.7.
In conclusion, the traditional BNB token burn continues to be an essential part of Binance's strategy to reduce the total supply of tokens and stabilize prices.
