BNB Chain plans to burn more than 1.8 million Binance tokens worth about $741,840,738 in its first burn in the second quarter at an average price of $403 per token.
The token applies an auto-burn mechanism to cut the total supply of 100,000,000 BNB, with the adjustment based on BNB price and the blocks generated on BSC during the quarter.
BNB is currently trading at $419, with the price of the past day up 4.9%. The cryptocurrency is ranked as the fourth most valuable digital asset, with a market cap of $69 billion.
BNB is the native token in the BNB Chain network, BNB Beacon Chain, and BNB Smart Chain issued by Binance in its 2017 initial coin offering.
$741,840,738 worth of #BNB will be taken out of circulation soon.— CZ 🔶 Binance (@cz_binance) April 19, 2022
Real time info: 👇https://t.co/BikWciOHY7#BNB is deflationary. If you don't know what that means, you lack basic financial knowledge to get lucky in this world. Harsh but true. Time to learn.🙏