Nearly 1.3 million Binance Coin (BNB) tokens worth $ 393 million were burned in the 16th coin burning.
Since the launch of BNB, Binance is committed to burning half of its cyclical supply of 100 million BNBs.
Based on BNB’s previous whitepaper, 20% of quarterly profits will be burned. But the latest version of the whitepaper explains the number of tokens to be burned depends on the record number of trades on the exchange platform in the previous quarter.
"Every quarter, we will burn BNB based on the number of trades on the platform until 50% of BNB is successfully eliminated," Binance explained.
In the previous quarter, Binance had burned BNB worth $ 595 million. But for the second quarter, it remains unclear what percentage of coins were burned given that Binance did not make a public disclosure.
The burning of coins this time failed to boost the price of BNB. Instead the asset saw a horizontal movement in trade value, $ 300 at the time this article was written.
Nevertheless, BNB remains one of the best cryptocurrencies on record in 2021. The asset still registered an increase of 753% since early 2021 despite declining 56% since its all -time high (ATH) in May.
