Binance quemó $ 165 millones en BNB
Binance token burn process announced two days ago has ended today.
According to Binance CEO, Changpeng Zhao, 2.4 times more BNB was burned this time than before. $165 million worth of tokens were burned.
There were also 16 million BNB unlocked, which should have been unlocked in July 2020. The unlocked token has been moved to the previous address.
How will this affect the price of the coin?
The exchange carries out burning in a quantity that depends on the trading volume at the end of each quarter. The higher the Binance trading volume, the more BNB will be burned.
Burns will continue every quarter until the Binance Coin supply is reduced by 50%. That is, until half of the 179,883,948 coins remain.
Each time the burn brings benefits in the form of an increase in the value of the token. This time, the price of BNB is up 10% after the announcement of the upcoming burn. To date, the price of BNB has increased by 4.5%, and now it is at $44.36.
Over the years, the burning of tokens has led to a significant increase in cryptocurrency. Binance Coin is up 162%. Now the coin is in 11th place in the TOP of cryptocurrencies.