Binance Burns Another $444M Worth of BNB

Cryptocurrency exchange giant Binance has announced completing the 20th quarterly burn of its native token BNB.

Binance Burns Another $444M Worth of BNB

Binance native token BNB approx 1.96M BNB was burned. through the new auto burn feature. 

The previous BNB burns reflected the usage and revenue of the token generated in the Binance centralized exchange. 

It was replaced by BNB auto burn a move with which the platform expects to make the process more objective and clear to the community. 

However, The BEP-95 in November 2021 set the stage for Binance's BNB auto-burn mechanism to help burn BNB tokens faster. 

The 20th burn comes amidst significant confusion in the market. BNB's price suffered from rapid declines over the past couple of months.

Furthermore, The native token was trading for over $500. The price was declined approx 60% since then.

Binance CEO Changpeng Zhao expressed the bearish impact haunting the market: 

“During this downturn and all market cycles, our goal is to continue building and investing in the industry and projects to spur adoption and further infrastructure growth. Historically, bear markets have been great periods for focused and long-term-minded builders. This time, we continue to be bullish on our capability to support founders looking to build innovative, long-term solutions for our industry.”

Related : Binance Coin (BNB) Creates Second Higher Low Since June 18