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🔥🔥Tokens worth over $1.17 billion worth of Binance Coin (BNB) are being burned by Binance🔥🔥
🔥Cryptocurrency exchange Binance has removed $1.17 billion worth of coins from circulation, which is equivalent to 1.3% of the available value. The 27th quarterly BNB token burn exercise is a part of Binance's efforts to get over it.
🔥There was no Pioneer Bum program-related token burning here. There was no change to the BNB token price as a result of this piece of information on the burning of tokens. Compared to its previous value, the coin lost 0.9% in a single day, according to CoinMarketCap. To $600, it fell.
🔥Amidst US consideration of a three-year term for Binance founder Changpeng Zhao, the token's price rose by thirteen percent in the last week. Even though trading volumes were up 1.4%, BNB's market cap fell 2.2% to $88 billion.
🔥Right before this, at the start of the year, Binance removed around 2.14 million BNB, which was valued $636 million, from circulation. In all, the BNB burnt were worth around 1.38 percent of the asset's overall value.
🔥Burning 100 million BNB coins was a serious promise made when the cryptocurrency was released in 2017. Every three months, the auto-burn mechanism is used to calculate the results of this activity. This facilitates understanding and other relevant considerations unrelated to the transaction. Furthermore, the BNB Chain will regularly burn a portion of the blockchain's gas fees in the real world.
