On April 16, the Binance cryptocurrency exchange reported that it had destroyed 829,888 BNB tokens. The seventh burning of coins in the history of the platform was a planned action to maintain the value of the Binance Coin cryptocurrency (BNB).
The seventh burning of BNB tokens on the Binance crypto-exchange
Representatives of the company told in the blog of the exchange that they planned to burn 829,888 BNB, which is equivalent to 15,600,000 USD. Quarterly burning is necessary to maintain the high value of the coin and to prevent inflation.
"This is the seventh Binance Coin (BNB) burning for the period from January 1 to March 31, 2019. In Binance, we burn 829,888 BNBs, which is roughly equivalent to 15,500,000 US dollars." – Binance.
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This time, tokens issued for the period from January 1 to March 31 were burned. The number of burned BNB in the first quarter of this year is about half of the amount burned in the last quarter. But, given that "the cost of cryptocurrency has more than tripled in the last 3 months, the equivalent in US dollars is much higher than last quarter".
In addition, the blog stated that the cost of Binance Coin has shown strong growth over the past three months and is approaching Bitcoin. It was also stated that "as the BNB price increases, the burning rate will decrease if everything else remains unchanged."
Binance cryptocurrency exchange "burned" cryptocurrency by 15.6 million dollars. Recall that on March 9, the Binance Coin cryptocurrency hit the TOP 10 cryptocurrency.
Editor: Yulia Krasnaya