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Binance Coin lost more than 6% in price after liquidation of another batch of tokens

Over the past 24 hours, Binance Coin (BNB) has lost about 6.25% to $ 515. BNB’s capitalization fell to $ 79.1 billion after the largest quarterly token burn. The Binance exchange on Friday, April 16, liquidated more than 1 million coins for a total of up to $ 595 million. This is the 15th and largest liquidation in the history of altcoin, according to the report of the trading platform. Binance decided to burn such a large batch of BNB, as the price of this digital currency increased more than 16 times in the first quarter of this year. Recall that in January, Cinance Coin was trading at around $ 35. Burning is the removal of tokens from circulation. In 2017, when Binance launched its cryptocurrency, it pledged to burn a total of 100 million coins, which is half of its total supply. Holders of BNB benefit from this procedure, as the reduction in supply leads to an increase in the price of this altcoin. According to the Block Research team, Binance has liquidated 15.3% of the total BNB supply (200 million tokens) so far. Over the next few years, the exchange will burn about 35% more coins.

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