Binance conducted its 27th quarterly burn of Binance Coin (BNB), eliminating 1.94 million tokens from circulation, worth $1.17 billion. This accounted for approximately 1.3% of the total supply of BNB. The Pioneer Burn program was not included in this particular burn.
Despite the significant token burn, the price of BNB remained unaffected. It experienced a 0.9% decrease within 24 hours, dropping to $600. However, over the past week, the token’s price had increased by 13%, even amidst reports of the U.S. considering a three-year jail sentence for Binance founder Changpeng Zhao.
BNB’s market capitalization saw a 2.2% decline to $88 billion, while trading volumes saw a slight 1.4% increase. Earlier in January, Binance had removed around 2.14 million BNB valued at $636 million from circulation, with approximately 1.38% of the total supply being destroyed.
Since its launch in 2017, BNB has committed to burning 100 million coins, half of its total supply, through quarterly burns. This process is automatically carried out and calculated using a specific formula. Binance emphasizes that this method ensures transparency, auditability, and objectivity independent of the centralized exchange. Additionally, BNB Chain continually burns a portion of gas fees on the blockchain in real-time.
In related news, Binance has experienced a loss of 25% in Bitcoin market share as offshore markets contract.