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The Binance team announced on Sunday that they had destroyed more than 16 million BNB tokens.
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The crypto exchange also disclosed that it's moving the BNB version that is ERC20-based BNB to its native version.
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Within 24 hours, the cost of BNB has increased by 2 per cent from $310 to $315.
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It is also important to be aware of how Binance's chief executive Changpeng Zhao revealed.
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Through an email in which he said that there would be an abundance of burns on the chain in the coming hours and that there is no reason to make a fuss.
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Binance has made significant advancements in transitioning BNB from its ERC20-based version BNB to its native version since the debut of BNB blockchains.