The world’s largest cryptocurrency exchange by volume Binance had completed its 5th scheduled token burn. The price has reacted negatively so far, however, despite the reduction in BNB supply.
1,643,986 BINANCE COINS (BNB) DESTROYED
In an official release dated October 17, Binance announced that it has successfully completed its 5thquarter token burn, as per its whitepaper. Exactly 1,643,986 BNB were destroyed, which is the rough equivalent of $17 million.
The move caught the attention of Twitter user BambouClub – a cryptocurrency trader and analyst, who outlined that BNB trading volumes “have been flat or falling.”
He also noted that fees per trade on the platform have increased by 50 percent because BNB’s discount dropped from 50 percent to 25 percent in mid-July.