BNB Chain burns 2 million BNB worth over $600 million

• BNB worth more than $600 million have been removed from circulation, Binance announced on Tuesday.
• This was the 22nd BNB burn, with data showing over 44 million BNB tokens have been cut from the total supply.
• Binance launched BNB in 2017 with a maximum supply of 200 million and has planned to cut the supply to 100 million.

BNB Chain today completed its 22nd burn event, with the quarterly burn for the first installment in 2022 seeing the blockchain platform remove over 2 million BNB worth more than $500 million.

As announced earlier Tuesday, BNB Chain burned a total of 2,064,494.32 BNB worth approximately $617,696,701. The programed burn occurred at around 0800 UTC on 17 January 2023, with the transaction ID also showing the burn was completed at block height 290943059. The total fee a measly 0.002 BNB.

Coin burning is when a certain amount of crypto is destroyed & permanently removed from circulation to reduce the supply of the crypto.

To burn coins you send them to a black hole address, after which cannot be used for anything.

They are burned. Destroyed. Gone forever.

— Binance (@binance) January 17, 2023

Despite the BNB burn news, the price of Binance Coin remained muted and mirrored the slowdown across crypto after last weekend’s massive pump.

BNB is up more than 10% in the past week and nearly 25% higher in the past 30 days, having rallied to $314 per token – its highest price level since late November. However, as noted, today’s announcement hasn’t seen a major reaction from BNB holders. 

The token currently trades around $302 with slight gains of 1.3% over the past 24 hours.

BNB Chain to burn 100 million BNB

While the maximum supply of BNB was initially 200 million when the cryptocurrency launched in 2017, an exploit on the BSC Token Hub bridge on 7 October, 2022 impacted total supply and thus affected the Q4 BNB burn. This is because the incident saw the minting of an extra two million BNB, which had then increased the token’s maximum supply to 202 million.

According to data from bnbburn, the circulating supply of BNB currently stands at roughly 157 million. Approximately 44 million coins from the total supply of 202 million has so far been destroyed, almost halfway to the target of removing 100 million BNB from circulation.