Binance cryptocurrency exchange’s native Binance Coin’s (BNB) 17th (quarterly) burn has just concluded. Following the event, 1,335,888 BNB (or US$639,462,868) are now removed from circulation. Further, as for the BNB Pioneer Burn Program, in the current burn phase, 17,839 BNB coins are now burned.
Burn events essentially make cryptocurrencies taken out of circulation on a permanent basis, to decrease supply and augment price. These developments have led BNB’s total supply to decrease from 168,137,036 BNB to 166,801,148 BNB. This burn event is done under the purview of the quarterly BNB burning commitment of Binance.
The said event would continue up until 50% of the total BNB supply (or 100,000,000 BNB) is taken away from circulation. The Binance team received as their allocation 40% (or 80,000,000 BNB) of the total BNB supply. This team BNB allocation is solely used for burn events.
Following the BNB burn event, the price of the BNB coin saw a surge past US$500—with a 24hr high of US$506.33. As of this writing, BNB coin is priced at US$498.91. At present, per CoinGecko, BNB coin’s market cap is US$83 billion, and the supply in circulation is 168,137,035.