Binance, exchange, has succesfully completed its 25th crypto $BNB burn. A staggering 2,139,182.98 BNB coins were permanently removed from circulation amounting to $450M.
#Binance completes the 25th Quarterly #BNB Burn!
— Binance (@binance) October 16, 2023
🔥 2.14m #BNB has been burned 🔥 pic.twitter.com/3KtkE1y6f5
The Burn includes the removal of 314.69 BNB coins through the pioneering Auto Burn system devised by Binance itself.
This is aimed at creating scarcity and bolstering the value of BNB under the Pioneer Burn Programme a concept that has captivated the attention of crypto enthusiasts worldwide using the .
The Pioneer Burn Program
Binance`s Pioneer Burn Program, is an initiative that is aimed at helping eligible users who are victims of token loss while using the Binance Smart Chain. Under this program, the lost tokens are counted under the quarterly BNB Auto token burn activities instead.
The Binance team has set a target of 100 million BNB units with the burnout rate accelerated by the heightened on-chain activities through the various blockchains supported. Notably,
Binance's Digital Currency Powerhouse
The BNB Binance’s very own digital gold lies at the heart of this move. With its widespread adoption and utilization across numerous services on the Binance platform and blockchain ,
BNB has become a force to be reckoned with in the crypto realm. Its versatility and popularity have propelled Binance to the forefront of the industry
Following the successful 25th BNB auto-burn program, the value of BNB has gained by about 3 percent to $213 on Monday. Additionally, the daily average trading volume for the Binance Coin jumped about 43 percent in the past 24 hours to about $400 million.
The notable spike in Binance Coin’s on-chain metrics was due to the fact that the team led by Changpeng Zhao (CZ) committed to making it a deflationary asset to help investors fight fiat inflation.
Turbulent Waters In Binance's Regulatory Odyssey
However, amidst this triumph, Binance faces its share of challenges in the form of regulatory hurdles and legal complexities in various countries. The exchange remains resolute in its commitment to overcome these obstacles and continue its upward trajectory, solidifying its position as a global crypto powerhouse.
