Binance announced on Friday (16) that it destroyed just over 1 million Binance Coin (BNB) - equivalent to about US $ 595 million - in the 15th token burning. This was the biggest dollar burn since 2017, the year the company launched BNB and committed to taking tokens out of circulation every quarter. The number of current BNBs, according to the exchange, has decreased from 170,532,825 to 169,432,937 BNB. Burning - also called ‘coin burning - is the name given to the permanent removal of cryptocurrency units from the market. It occurs periodically to increase the scarcity of the currency, which can cause a price rise. At least in the short term, the process had no positive effect on the value of BNB. According to CoinMarketCap, the currency has depreciated 6% in the past 24 hours, dropping from $ 550 to $ 510.
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