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Binance Burns $600 Million BNB Tokens

Binance has burned over $600 million U.S. dollars worth of Binance Coin (BNB), driving the crypto further. The world’s leading cryptocurrency exchange by trading volume, Binance has concluded its fifteenth quarterly BNB burn. A total of 1,099,888 BNB, worth approximately $600 million, have been permanently withdrawn from distribution. Thus, leaving a total residual supply of 169.50 million BNB. Moreover, this describes the most significant token burn that Binance has administered to date. So far, Binance has burned 15.30% of the 200 million BNB supply. As per the reports, Binance plans to destroy approximately 35% of the supply in the subsequent years.

As per Binance CEO Changpeng Zhao, various factors have provided to the price action that BNB has witnessed over the past few months. These constitute the “BUIDL” mentality that his team has selected, the growth of DeFi, and the development of the token’s utility thanks to the Binance Smart Chain (BSC). Sam Bankman-Fried, CEO of FTX, one of the top cryptocurrency futures exchanges adjacent to Binance, predicted that Binance probably produced $1 billion in revenue in the Q1 of this year.

BNB Witnesses Extraordinary Bull Rally

BNB has experienced an impressive bull rally after the commencement of the year. The token has issued year-to-date returns of about 1200%, starting at $37.40 and reaching a new ATH (all-time high) of $640.50. Moreover, Binance Coin appears to have more opportunity to go up, notwithstanding the massive profits it has already posted. After March 27, the price of BNB has rallied 180% from $233 to as high as $640. The rally filled the gap within BNB and Ether (ETH), with BNB now including over a third of Ether’s market capitalization.

The strong uptrend of BNB results from the strong performance of Binance and its derivatives exchange and the upward graph of BSC (Binance Smart Chain). In current months, BSC has witnessed a prominent increase in daily transaction volume. As per the BSCScan, the blockchain explorer for Binance Smart Chain, the blockchain network examined the number of daily transactions increase from approximately 380,000 in late January to over 4.7 million as of Friday. Moreover, BNB is the primary token employed on the Binance Smart Chain. It is actively utilized on platforms such as PancakeSwap to stake in several pools. Therefore, the demand for BNB has continuously increased.

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