A total of 1,099,888 BNB, worth over $600 million, have been permanently removed from circulation. This represents the largest token burn to date for Binance and brings the total supply of BNB to 169.50 million.
The burn is a regular practice for Binance to keep the coin's value strong. BNB is the native cryptocurrency of the Binance exchange and can be used to pay transaction fees and access other services on the platform.
Binance CEO Changpeng Zhao highlighted the expansion of BNB's use cases, including its growing role in the DeFi space and the Binance Smart Chain (BSC).
The token burn may push BNB's price to new all-time highs, building on the impressive gains the token has seen this year. BNB has posted over 1,200% YTD returns and is currently the third-largest cryptocurrency by market capitalization, at $79 billion.