The BNB Coin (BNB), formerly Binance Coin, has another gigantic token burn' behind. Every quarter a certain number of BNB tokens are automatically destroyed, and this quarter too hundreds of millions of euros were involved.
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585 million euros of BNB destroyed
In a blog post, the BNB Foundation shared the exact numbers it destroyed during its 26th quarterly “BNB token burn.” Burning or destroying tokens means they will be withdrawn from circulation. This usually has a positive effect on the price of a crypto as long as demand remains the same.
The 26th fire destroyed 2.1 million BNB. The destroyed cryptocurrency was worth around 585 million euros at the time. That's slightly more than the previous quarter's BNB burn:
BNB price reaction on fire
As mentioned earlier, token burns usually have a positive impact on the price of a crypto. Therefore, it is often used as a kind of gift for investors who own BNB.
However, the BNB price reaction was nothing special. Exactly nothing happened. That doesn't mean the burns can't be interesting in the longer term.
The BNB Foundation writes that since its founding in 2017, the goal has been to halve the BNB circulation. Ultimately, there will be 100 million BNB in circulation. There are almost 50 million BNB left. Exactly how much of the crypto is destroyed is based on an automatic function that calculates this.
Shiba Inu burning rate drops
Another well-known cryptocurrency that often leads to burns is Shiba Inu (SHIB). This coin has already destroyed 410 trillion SHIB. However, this happens much more often with SHIB than with BNB.
Exactly how much SHIB is burned depends, among other things, on the performance of the Shibarium Layer-2 Network on Shiba Inu. In the last 24 hours the Burn rate however, fell significantly by almost 71%.
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