Sixteenth burning token event had no effect on BNB price
Token burning is one of the most notable events among users that occurs once every three months. In the 16th phase of this process, Binance burned about $ 400 million in BNB tokens. Token burning means the permanent removal of a number of coins or tokens circulating within the network of a currency code. This method ensures a permanent reduction of the total supply of BNB in the market.
The Binance cryptocurrency exchange, which ranks first in the world in terms of daily trading volume, removed 1,296,728 tokens worth $ 393,673,653 from its trading cycle in the 16th token burning period.