2.29 M BNB Transferred To Unknown Wallet- Is A Token Burn in Process?

BNB

2.29 M BNB Transferred To Unknown Wallet- Is A Token Burn in Process?

Per a recent tweet by Whale Alert, a live tracker of large crypto transactions for top 10 cryptos, 2.29M BNB ($41.86M) has been transferred from Binance to an unknown wallet. 

Binance’s Quarterly Token Burn 

With such a large amount of BNB transferred to an unknown wallet is a hint big enough to say that these amount of tokens are going to be burnt. Firstly, 400,000 BNB was sent to the unknown wallet. 

Source – Whale Alert

Secondly, within a span of 15 mins, 790,000 BNB was transferred. 

Source- Whale Alert

Lastly, another 748,900 BNB was transferred 

Source- Whale Alert

Crypto Twitter Speculates The Amount of Token Burn

Interestingly, a twitter user with the handle, CryptosBatman tweeted an hour back that Binance token burn is to take place this week and gave an insight into the historical burn stats. His tweet further got retweeted by Binance’s official handle which confirmed the occurrence of a token burn. 

The first, second, third and fourth quarter of 2018 saw 986K, 1.82M, 2.22M, and 2.53 M BNB being burnt respectively. Whereas, 1.62 M and 830K BNB were burnt in the first and second quarter of 2019. 

Source- Twitter

Furthermore, profits worth $50,013, 594 and $78,009,472 were made in 2019’s first two quarters. 

Source- Twitter

Interestingly, the tweet saw the crypto twitter speculating on the amount of BNB that will be burnt. The speculations oscillated between a figure of 925K to even 2.3 M. 

Source- Twitter

CryptosBatMan further speculated that since Binance achieved its ATH in terms of $BNB in the last quarter, the burn amount was low. However, it is expected to be bigger this time. 

Source- Twitter

BNB Token To Include Tokens From Binance Futures

Also, per a blog post on Sept. 12, Binance had announced that it will include all its products into quarterly BNB burns in accordance with community feedback. The new BNB burning practice will include tokens from Binance Futures, the exchange’s crypto futures platform which was rolled out on the 2nd of September. 

BNB Slipped 5% When Q2 Token Burn Was Completed

Token burning permanently removes the decided amount of coins from circulation and it is a deflationary practice. The process does not destroy the tokens per se but renders them useless in the future. The last BNB token burn took place on the 11th of July. It was the 8th BNB token which removed 830K BNB tokens. Also, BNB slipped 5% on the day the burn was completed. 

Will BNB price rise or witness a decline the day BNB token burn is completed? Let us know, what you think in the comments below!

Summary
2.29 M BNB Transferred To Unknown Wallet- Is A Token Burn in Process?
Article Name
2.29 M BNB Transferred To Unknown Wallet- Is A Token Burn in Process?
Description
Per a recent tweet by Whale Alert, a live tracker of large crypto transactions for top 10 cryptos, 2.29M BNB ($41.86M) have been transferred from Binance to an unknown wallet. 
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Supriya Saxena

Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

Post your comment...
Supriya Saxena 189 Articles

Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

Follow Supriya @