The announcement reveals that 808,888 BNB token, worth roughly $22 million) set aside for Binance team have been burnt in the event. The exchange has pointed out that the coin burn initiative is one among the firm’s plan to burn a total of 100 million BNB tokens. Binance stated that the team’s supply represents 40% of the total supply.
At the time of writing this article, Binance Coin was trading at $27.85, down 10% from last close. The market capitalization of Binance Coin is only $4.10 billion, making it as the sixth biggest crypto asset.
Back in June, Binance made a transaction of roughly $1.20 billion worth BNB coin in a matter of 1.10 seconds for a fee of $0.015 on the Binance Chain.
Binance’s CEO Changpeng Zhao commented, “The future is here.” Earlier last month, Bitfinex publicized its intention to perform a burn of its UNUS SED LEO tokens, which will aid the exchange’s holding company iFinex invest its revenue in purchasing the tokens at prevailing market prices to eliminate them.