Binance, the current biggest cryptocurrency exchange announced their quarterly burn. This is the destruction of the exchange’s Binance coin (BNB) tokens.
So this July 12, 808,888 BNB Tokens worth over $25 million were burned, Tokens that Binance says were allocated only for the Binance Team and not any tokens that belonged to private users.
At the time of writing, we have Binance Coin (BNB) at a value of $31.69, which compared in the last 24 hours we can see a growth of more than 10% compared to the $28.06 value yesterday. Which is a remarkable growth in just 24 hours, meaning that the burn has the success that it was meant to.
On this link, we can see the transaction, posted on Binance official website.
In the BNB whitepaper, Binance mentioned that the team was allocated 80 Million BNB Tokens – 40% of the total Tokens in circulation – that would eventually be burned.
Changpeng Zhao, CEO of Binance said in an interview:
“With this change, we’ll still burn BNB based on trading volume on Binance per quarter. But this time, the Binance team has given up our token allocation” and then added “We are now committing to building the Binance ecosystem without getting any BNB from the initial allocation. The team will burn their own tokens first.”
So, from the announcement, we can expect that the exchange is aiming to have only 100 Million BNB in circulation. 189 Million coins were in circulation including the ones held by Binance Team, which means that 899 Million more will follow the same path, in order to reach the 100 million objective.
Changpeng Zhao finalized with “To recap, this is equivalent to the Binance team allocating 0 BNB to ourselves from the original supply. All BNB we have are either earned through our services or bought with our own money”.
Words that have a lot of meaning, since we see a team of individuals that are focusing more on creating value on their project and aiming for a positive future.
Binance Overall Observation
As noted above, this situation created great value to BNB, since in less than 24 hours we can see a growth of more than 5%. Bringing also BNB very close to their ATH.
Something I always note as a fantastic achievement on keeping their token with such a great value, even reaching and making new records on their All-Time High Value during this year of 2019. Something we don’t see happening in other cryptocurrencies in the top five.
Also, it proves to us that the Team behind this exchange and this Cryptocurrency is highly motivated in order to not only give the best service on their exchange but also to create more and more value in their coin at the same time.
But, the most important fact is that this Project proves to be really consistent and with a group of highly efficient people working on it and that is what has made binance one of the largest digital currency exchange in the World today.
In a wide variety of cases, when we find the whole market going down, or being struck by correction on their prices, we never find BNB following the same trend.
A curiosity that only proves that this Coin has, in fact, its own uniqueness and follows their own path and not the common trends.
So, we can only expect more and more growth to BNB throughout 2019, both in their Market Cap as well as value, which most probably will reach a new ATH in the next couple of weeks.
The post Set To Reach New Highs, Binance Burns $25 Million Worth Of BNB Tokens appeared first on ZyCrypto.
Set To Reach New Highs, Binance Burns Million Worth Of BNB Tokens