WhiteBIT Burns 32,426 WBT Tokens in Weekly Token Burn
WhiteBIT, a cryptocurrency exchange, carried out its weekly token burn on October 1, 2026, destroying 32,426 WBT tokens worth 2,716,488 USDT. This is a regular occurrence for the exchange, which buys back its own tokens on the market and sends them to an address with no private key, effectively removing them from circulation.
The token burn is tied to the exchange's revenue, with 33% of trading fees and 5% of other income flowing into the buyback. This means that the amount of tokens burned each week is directly related to the exchange's performance.
The price of WBT currently stands at $84.22, which is 4.2% below the all-time high of $87.91 set on September 21. While the burn may have a positive effect on the price in the long term, it is not a guarantee of future performance.