Binance Burned $60.5M, BNB Will Soar

Binance Burned $60.5M, BNB Will Soar

Source: Binance

By its third anniversary, Binance crypto exchange once again burned its native cryptocurrency Binance coin (BNB). This time, the amount of money burned is a record.

The largest cryptocurrency exchange “burns” own coins quarterly to increase the rate of the cryptocurrency. The goal is to halve the number of BNBs issued, from 200 million to 100 million. This time, during the 12th burning, a record was set, with 3,477,388 BNB. And BNB reacted positively and rose more than 8%, from $16.84 to $18.24. But then it corrected later to $17.84. The final rise is still impressive, almost 6%.

The volume of tokens burned reflects the activity on the exchange. It is determined based on trading activity on the Binance Spot, Margin, and Futures Exchange. And also by the activity of partners who use BNB. From April to June this total activity was a record in the history of the exchange. Therefore, the burning was a record, besides, it was timed to coincide with the third anniversary of the exchange. The BNB token is an ERC-20 utility token and is used to receive discounts from exchange fees. Of course, it is also traded on the open market. The Binance cryptocurrency is in the top ten of the Coinmarketcap rating in terms of capitalization.

Binance has managed to significantly increase its cryptocurrency capitalization with its launching platform for IEO. The tokens of several successful projects were sold for BNB, for example, the acclaimed Perlin (PERL) or Elrond (ERD), it soared over the past month by more than 400% and took 52nd place in the CMC rating. IEO BitTorrent (BTT) also passed on Binance, both for BNB and for TRX, token of the TRON. It is known that TRON founder and BitTorrent CEO Justin Sun and Binance CEO CZ (Changpeng Zhao) have a cozy relationship.

On the third anniversary and record burning, CZ published an appeal to the community, in which noted his achievements. They’re impressive: Binance offers the most innovative trading methods, including futures and BTC, ETH, and XRP options, and margin trading. The exchange features 30 fiat-to-crypto direct trading pairs. For the second quarter, Binance started supporting direct crypto purchases with credit cards in 180+ countries. Well, and at the very beginning of Q2 Binance acquired Coinmarketcap – the most authoritative benchmark of the cryptocurrency market.

CZ does not provide a straight answer to the question “What will the BNB rate be in the future, is it worth investing in it?” But he stated that large economies of the world are now conducting quantitative easing, that is, they are issuing in large quantities unsecured fiat currencies. And Binance, on the contrary, reduces the amount of its currency. Obviously, by all rights, BNB will rise.