Binance, the largest cryptocurrency exchange in the market, announced its 25th quarterly burn of Binance Coin (BNB) tokens. On X, Binance shared the latest information about their regular burn and how this had an impact on the total supply of Binance Coin tokens. This time, 2.14M BNB tokens were burned.
Binance Exchange Announces 25th Quarterly BNB Burn
On X, Binance announced the 25th edition of its regular token burn tradition that resulted in 2,139,182 BNB tokens being eliminated from circulation. This equated to $453k or 1.38% of the total BNB supply.
It is worth taking into consideration that Binance Coin is the digital currency of the Binance exchange. The token can be used for multiple things, including trading, paying trading fees, and participating in different events on the Binance ecosystem. At the same time, the token is used on multiple other platforms and decentralized finance applications.
According to CoinGecko, Binance Coin (BNB) is the 4th largest cryptocurrency in the market behind Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). At the time of writing this article, BNB has a price per coin of $213 and a market capitalization of $32 billion, something that allowed this digital asset to become one of the most valuable in the market.