Binance Successfully Burns 2.1 Million BNB, Trading Volume Immediately Soars

2.1 million BNB crypto assets have been burned by Binance. (Photo; Doc. Coinfomania)

JAKARTA - Binance, the leading blockchain ecosystem, recently completed its 25th quarter auto-burning of its main crypto asset, Binance Coin (BNB). For information, the burning of coins or tokens is intended to reduce token supply and is claimed to increase token value.

In the announcement, around 2,139,182 BNB worth more than US$453 million has been permanently removed from outstanding supplies. This includes about 314 BNB coins burned through a pioneering combustion program.

After the 25th BNB automatic combustion, Binance Coin's value has increased by about 3 percent in the last 24 hours, trading around $213 on Monday. Meanwhile, the average daily trading volume for Binance Coin jumped by around 43 percent in the last 24 hours, reaching around 400 million US dollars (Rp 6.2 trillion).

For information, automatic burning of BNB is one of the strategies introduced by Binance to provide incentives to BNB holders and attract new investors. Tim Binance is committed to making BNB a deflation asset to counter fiat inflation. They have set a target to leave around 100 million BNB units with an on-chain burning rate accelerated through various supported blockchains.

The BNB Pioneer Burning Program (BNB Burn Pioneer Program) Binance also successfully burned around 314 coins during the third quarter. After the 25th burning, the number of BNB left in circulation was around 151.7 million, with about 51.7 million coins set to be burned.

Binance has committed to staying transparent in the BNB combustion process by providing an on-chain analysis that allows anyone to calculate the number of BNBs expected to be burned every quarter based on various factors.

With the automatic burning of the 26th, it is hoped that around 2.18 million BNB coins worth around $460 million (Rp7.2 trillion) will be removed from supply. However, this figure may change depending on factors such as the price of BNB in the market.