Binance Burns $620 Million in BNB
The 22nd burn was the largest in terms of BNB tokens since the record-breaking 14th two years ago. The Pioneer Burn Program was responsible for 7,181 of the 2.064 burns that occurred today. The service, which was introduced in 2020, intends to assist customers who have lost access to their BNB tokens when they submit requests through the customer service page and are accepted by the exchange.
The Pioneer Burn Program operates in tandem with the other BNB burning processes. Binance’s native crypto, like the rest of the market, has been on a run since the beginning of the year. It began in 2023 at roughly $240 but quickly skyrocketed by double digits.
This resulted in a rise of $315 on Saturday, marking the highest price for BNB since late November 2022. Barring a modest retracement, the asset is currently trading above $300.