An Altcoin Announced Today That It Burned Nearly a Billion Dollars’ Worth of Tokens

$BNB Chain has completed its 36th quarterly $BNB token burn, permanently removing 1.61 million $BNB, worth approximately $932 million, from circulation.

According to an official statement from the $BNB Foundation, a total of 1,615,827,795 $BNB were sent to an inaccessible burn address as part of the latest burn. The approximate value of the tokens at the time of the transaction was estimated at $931.7 million.

Following the burning process, the total supply of $BNB has decreased to 133,166,127.91. $BNB Chain stated that token burns from this quarter onwards will be performed directly on the $BNB Smart Chain, and the relevant $BNB will be sent to the burn address.

$BNB’s quarterly burning mechanism aims to reduce the circulating supply of tokens over time. The amount of $BNB to be burned is determined by an automated burning system that takes into account factors such as the number of blocks on the network and the token price.

Regular burning operations did not trigger any increase in the $BNB price. As of this writing, the $BNB price has lost 0.6% in the last 24 hours.

*This is not investment advice.