Binance has completed its 15th quarterly coin burn of Binance Coin (BNB)
1,099,888 BNB valued at $0.595 Billion was destroyed
The total supply of BNB reduced from 170.532 million to 169.432 million
The latest BNB coin burn was the largest to date
Earlier today, the crypto exchange of Binance carried out its 15th quarterly BNB coin burn. The event removed from circulation 1,099,888 BNB worth roughly $595.314 million at the time, thus becoming the most valuable Binance Coin burn to date.
With the recent coin-burn, the total supply of Binance Coin (BNB) reduces from 170,532,825 BNB to 169,432,937 BNB. The quarterly coin burns will continue until only 100,000,000 Binance Coin (BNB) are left in circulation.
The CEO of Binance, CZ, marked the event by sharing the enormity of the coin burn through the following tweet.
Earlier today, Binance Coin was preparing for what looked like a retest of the $572 price area, from a local low of $506, as a result of the news of the massive coin burn of $595 million worth of BNB. However, as soon as BNB hit $550 the crypto-verse was made aware of a plan by the Turkish Central Bank to ban cryptocurrencies as a form of payment effective April 30th.
Due to the news of a pending crypto payments ban in Turkey, Binance Coin (BNB) once again retesting the local low of $506 soon after. The latter price area is now an area to watch as it will determine whether BNB falls below the psychological price of $500.
From a fundamentals point of view, today’s dip and any additional losses today by BNB might be temporary as on-chain metrics from the Binance Smart Chain point towards a growing ecosystem surrounding the coin.
The Binance Smart Chain has a high level of user activity with the network now hosting a total of 64,957,737 unique addresses. The number of daily transactions on the Binance Smart Chain has continued to exceed 3 million since the beginning of the month with the current count hitting 4.737 million.
Such activity on the Binance Smart Chain translates to a bullish future for Binance Coin in addition to the quarterly BNB coin burns.