Binance has completed its 19th BNB coin burning for the quarter in 2022 with a record 1.8 million BNB ($ 771.4 million / RM3.3 billion) burned yesterday.
The process is synonymous with the deflationary nature of BNB, as are other crypto assets such as XRP, Shiba Inu (SHIB), and Ethereum (ETH).
The burning of coins or tokens means that any crypto project operator sends a number of assets to a wallet that can only be received but cannot be sent to another wallet. The wallet will not return your assets if the shipping address is incorrect.
Like Binance, they have sent 1,830,382 BNBs for elimination.
The burning of this coin invited a spike in the price of BNB yesterday with a 2.43% increase in value from a daily low, $ 414.7 to a daily high, $ 424.7.
However at the time of writing, BNB recorded a relatively low trading value, $ 421.39 but still maintained a jump of over 1% in 24 hours.
For information, based on the whitepaper that has been published, the burning of BNB will take place every quarter.
The next burning is expected to take place on 20 August 2022, involving 1,812,331.13 BNBs.
