Binance has burned over $500 million worth of BNB tokens

The Binance crypto exchange conducted another quarterly burning of more than 2 million BNB tokens, which, according to the market valuation, is more than $500 million.

The burning procedure was carried out within the Auto-Burn and Pioneer Burn programs. In total, Binance plans to halve the initial supply of BNB tokens, leaving 100 million tokens on the market.

A so-called burn is technically the transfer of a predetermined amount of tokens to a non-existent address, effectively removing that amount of coins from circulation forever.

A similar deflation mechanism is implemented in other tokens, and for projects with a small capitalization, it often serves as a powerful catalyst for price growth in the short term.

In the next quarter, the exchange plans to burn almost 2.2 million tokens, reducing the market supply, according to the Bnbburn service, by about $460 million.

Last quarter, the Binance exchange removed from circulation almost 2 million BNB tokens for the amount of $484 million

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