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Binance Completes 24th Quarterly $BNB Token Burn

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Binance, the world’s leading cryptocurrency exchange, recently announced the successful completion of its 24th quarterly $BNB token burn using its Auto-Burn mechanism. The $BNB token is native to the BNB Beacon Chain, BNB Smart Chain, and the upcoming opBNB L2s and BNB Greenfield blockchains.

During this 24th quarterly token burn, Binance removed a significant quantity of $BNB tokens from circulation by destroying them permanently. The total number of tokens burned amounted to 1,991,854.33 BNB, which is estimated to be worth over 480 million USD.

Ever since the BNB token sale began, token burning has played a crucial role in Binance’s market strategy. As part of this strategy, the exchange regularly burns tokens.

This practice serves two important purposes: it demonstrates the exchange’s commitment to increasing the long-term value of the token and helps maintain a deflationary supply, which is one of the key objectives.

The recent token burn took place during a period of significant transformation in the cryptocurrency market.

Binance’s dedication to token burning reflects its proactive approach in managing the supply and demand dynamics of BNB, while also fostering investor confidence as the industry continues to evolve and mature.

Changpeng Zhao (CZ), the Chief Executive Officer of Binance, expressed his excitement about the recent token burn event and highlighted its significance for the Binance Coin ecosystem.

He emphasized that there will be more on-chain transactions in the near future to distribute the coins to a greater number of addresses.

Read also: Spotlight on the growing crypto market in the Middle East and North Africa

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