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Saturday, May 15, 2021

Binance Burns BNB Tokens Worth $600 Million

Binance has already burned Binance Coin that is worth a staggering $600 million in US dollars. This indicates that the cryptocurrency market is all prepared for more gains in the coming time.

Binance is the largest crypto exchange all over the world according to the trading volume. They have successfully managed to complete the 15th quarterly Binance Coin burning.

Binance Leads Crypto Towards Further Gains

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An estimated 1,099,888 Binance Coin has been burned that is worth approximately $600 million. This enormous amount of BNB has permanently been eliminated from circulation. After this 15th quarterly burn, the total amount of BNB left in supply is 169.50 million. This demonstrates the biggest token burn conducted by them till the present date.

As of now, the firm has burned almost 15.30% of BNB supply out of the massive 200 million total supply. Nearly 35% is expected to be burned during the forthcoming years.

Changpeng Zhao, the CEO, has stated that several factors have added to the BNB price action witnessed in the last few months. Some of them are the adoption ‘BUIDL’ approach, DeFi growth, and expansion of utility of the token.

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Recently BNB has been experiencing a great bull run from the beginning of 2021. They have issued their year-to-date returns that are more than 1,200%. As a result, the token started from the $37.40 mark and quickly hit a record high at $640.50.

In addition, BNB has enough reasons to sustain their upward journey despite the enormous gains they have already received. They entered the consolidation period on 12th April soon after reaching their all-time high.

They have the level of $478 as Fibonacci retracement that must be retained to avoid a sharp correction of $410.

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