Sunday , March 7 2021
Home / Altcoins / Binance Coin Approaches ATH as 14th BNB Burn to Happen in 48 Hours

Binance Coin Approaches ATH as 14th BNB Burn to Happen in 48 Hours

Summary:
The world’s leading cryptocurrency exchange token by means of market capitalization, Binance Coin, is approaching its ATH. This happens hours before the company goes on with its 14th scheduled BNB token burn.BNB Price Eyes ATHBinance Coin is the world’s leading cryptocurrency exchange token. Over the past 12 hours, BNB saw an impressive increase in its dollar value. It went from a low of about .9 to a high of for total intraday gains of 10%.Interestingly enough, the coin also came inches away from its all-time high value at .162.BNB/USDT. Source: TradingViewIt’s also worth noting that the cryptocurrency has since retraced a bit, and it’s now trading at .09.This comes hours before the company goes through its 14th scheduled BNB token burn. It should take place in less than 48

Topics:
George Georgiev considers the following as important: , , , , , ,

This could be interesting, too:

Nick Marinoff writes Binance CEO: We’re Seeing a Lot More Institutional Investors On Our Platform

Daniel Okorafor writes Justin Sun Bids Million for Jack Dorsey’s First Tweet NFT

Jordan Lyanchev writes John McAfee Following the DOJ Indictment: The Allegations Are Overblown

Jordan Lyanchev writes Survey By Goldman Sachs: 34% Think Bitcoin Will Reach 0K Next Year

The world’s leading cryptocurrency exchange token by means of market capitalization, Binance Coin, is approaching its ATH. This happens hours before the company goes on with its 14th scheduled BNB token burn.

BNB Price Eyes ATH

Binance Coin is the world’s leading cryptocurrency exchange token. Over the past 12 hours, BNB saw an impressive increase in its dollar value. It went from a low of about $40.9 to a high of $45 for total intraday gains of 10%.

Interestingly enough, the coin also came inches away from its all-time high value at $45.162.

bnbusd_chart
BNB/USDT. Source: TradingView

It’s also worth noting that the cryptocurrency has since retraced a bit, and it’s now trading at $44.09.

This comes hours before the company goes through its 14th scheduled BNB token burn. It should take place in less than 48 hours, as confirmed by the CEO of the exchange, Changpeng Zhao.

What’s a BNB Token Burn?

Every quarter, as described in the token’s whitepaper, Binance goes through a burning process where it buys and destroys BNB worth 20% of the company’s quarterly profits. So far, there have been 13 events.

The last one took place back in October 2020, and it accounted for the third quarter of that year. This means that in less than 48 hours, the company will burn tokens worth 20% of its profits for the last quarter of 2020. In October, Binance destroyed a total of 2,253,888 worth around $68 million at the time.

The price has increased substantially since then and so have trading volumes, especially given the surge in the market in the last quarter of 2020. This might have had a positive impact on Binance’s revenue, which could lead to a more substantial token burn. It’s interesting to see whether or not the price will react or if the event has already been factored in the current price.

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *