Binance Burns 2.14 million BNB Coins

[Suba]

Crypto burning is the destruction of crypto by sending coins to an address that cannot be accessed by anyone. In the 25th quarter, Binance burned 2.14 million BNB or the equivalent of US$501.7 million. According to data I obtained from Bitdegree, currently the circulating supply is at 151.7 million BNB, and Binance plans to reduce the circulating supply to below 100 million through the BNB Auto Burn process.

Burn BNB not only reduces circulating supply but will have an impact on improving market performance and investor sentiment. It was proven that when the BNB was burned on Oct 12, 2023, the price of BNB reached $205, slowly creeping up until it now reached a price of $208. In your opinion, will the price of BNB continue to increase?

 

[mrki444]

Real jump after burning was visible after few days. Check chart and price at 16th and 17th.

Probably since market is slower so burn affect was few days later. Investors are more careful in this time than in bull run.

 

[riberet19]

This is very good news for BNB and its investors, burning tokens will not make it more scarce and more susceptible to steeper upward movements when capital enters the asset, for example, in the next bull run.

 

[Passionate-writer]

This is very good news for BNB and its investors, burning tokens will not make it more scarce and more susceptible to steeper upward movements when capital enters the asset, for example, in the next bull run.

I am not sure why they tend to burn tokens. However, as far as I think, burning tokens may make it scare to some extent. This will have an impact on the demand and supply of the tokens in the market. As a result of this, this may also affect the price of the coin in a positive manner.

 

[riberet19]

I am not sure why they tend to burn tokens. However, as far as I think, burning tokens may make it scare to some extent. This will have an impact on the demand and supply of the tokens in the market. As a result of this, this may also affect the price of the coin in a positive manner.

I think Binance has been burning tokens for a while, and they want to intensify it as seen in this news, I think it's by popular request from the BNB community, as they believe that reducing the supply will have a positive effect on the token and its price.

 

[Passionate-writer]

I think Binance has been burning tokens for a while, and they want to intensify it as seen in this news, I think it's by popular request from the BNB community, as they believe that reducing the supply will have a positive effect on the token and its price.

The BNB token has been used by many different people. These tokens are mainly used to support the binance smart chain and fees associated with conducting transactions on the network. In case if binance suffers from a setback, the price of the token may get affected in a bad manner.

 

[neku]

The BNB token price had reduced significantly from $245 to $205 in the last month, causing losses to investors, so this action may be necessary. Binance is also offering lower interest for BNB simple earn.

 

[Goldynn89]

Despite all the burning of their coin, BNB hasn't moved up significantly but it's also not dropped as much in the bear market.
There are speculations of manipulation and the current situation with their CEO, CZ doesn't make things look good.

 

[Suba]

Despite all the burning of their coin, BNB hasn't moved up significantly but it's also not dropped as much in the bear market.
There are speculations of manipulation and the current situation with their CEO, CZ doesn't make things look good.

On Tuesday (21/11/2023) in federal court in Seattle, USA. Zhao admitted his mistake and resigned and was replaced by Richard Teng, however, Zhao still holds a majority stake in Binance, because it has only been a month and it is not yet known how Richard Teng will perform.