Binance burns $484m worth of BNB as market turns green
Binance announced its 24th binance coin (BNB) burn while the asset consolidated in the red zone.
More than 1.99 million tokens were burned, with a total value of over $484 million at the time of the transaction. The burnt assets have helped reduce BNB’s total supply by 1.27%. It currently stands at 153.85 million coins.
Moreover, Binance has already burned around 46.81 million BNB, accounting for 25.45% of the total supply in circulation, since Oct. 18, 2017.
This burn has sent waves of bullish momentum, with Twitter users replying positively.
Moreover, BNB has finally turned green after three days of downfalls. The asset is up by 0.4% in the past 24 hours and trading at $243 at the time of writing. The massive rise comes as binance coin’s 24-hour trading volume skyrockets by 22.44%, reaching almost $790 million.
However, BNB’s market capitalization is down by 1%, at $37.4 billion with a total circulating supply of 153.85 million tokens.
On July 12, the BNB Chain announced the “ZhangHeng” upgrade scheduled for today, July 19, at block height 328,088,888. The advancement, implementing BEP-255, will enhance the chain’s security called “on-chain asset reconciliation.”
