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Binance Coin Boom Expectations! BNB Coin Burn Incoming [Price Update]

Binance Coin Boom Expectations! BNB Coin Burn Incoming [Price Update]

Binance coin boom

With the market cap of around $1.6B in this bearish market, BNB is floating around the price of $14. The token is amongst the top popular tokens with investors and believers is about to skyrocket very shortly.

For those who don’t know BNB is an ERC 20 based token which works on the ethereum blockchain and offered by world’s popular cryptocurrency exchange Binance.

 

BNB Token on the Etherscan network

Binance Coin Quatarly Burn

The exchange stated that on every quarterly they burn their 20% profit in buying and destroy their own token — as of mentioned below.

“Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.”

The Exchange initially launched their coin BNN with the initial supply of 200MN coin and will end up with only 100MN coins with this process of deflationary.

This will consequently decrease the supply of the coin and with the growing demand for the coin will pump and Skyrock the pricepayback will be more than what they initially invested in buying the coins.

BNB coin is the backbone of the working of the binance exchange as exchange have very much exciting offers for their users. Hodler of BNB can pay their transaction fee in BNB and will get a discount.

binance chart

Showing the growth of Binance coin since the initial launch

Timeline of the Past BNB Burn

So far Binance has executed 3 burns for BNB:

  • The first happened on October 18th 2017, where 986,000 BNB coins were burned.
  • 2nd happened on January 15th 2018, where 1,821,586 BNB from the supply eliminated.
  • 3rd on April 15th, 3 months later burning 2,220,314 BNB from the system.

BNB Price Predictions

So far binance coin (BNB) has played against by ignoring the bearish market, and shown uptrend of their price. The growing popularity of the exchange is directly linked with the demand of the token. And with more the purchase going less the supply will boom the price within a short span making the coin more valuable.

Further Reading

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Hey Forks! It's me Prashant, I am a college student pursuing Computer Science degree. I am a Crypto Enthusiast and Tech Geek — ♥ Love to learn and Code and I am here to empower peoples towards Technology and cryptocurrency.

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