Binance Coin (BNB) Prices Jump 5%, Here’s Why
Binance Coin (BNB) prices rallied on Tuesday, on growing optimism that the world’s largest crypto exchange will continue to support the token’s price.
The Binance chain has kept its promise to keep burning BNB. Changpeng Zhao, Binance CEO, confirmed that $772.3 million worth of BNB tokens has been burned to accomplish its first quarter goal. The Binance token has recorded a surge of over 5% in the last 24 hours.
1.8 million BNB tokens burned in Q1
Just before the burn, CZ dropped an alert that $741 million worth of BNB tokens will be burned soon. However, he also mentioned that the Binance token is deflationary. As per the report, the burn was conducted at an average price of $403 per token. The coin is trading at an average price of $420, at press time.
As per the Binance, quarter 1, 2022 saw a burn of 1.8 million BNB tokens (worth $741.8 million). Over 1.8 million Binance coins (worth $769.4 million) will be sent to a dead wallet in the quarter 2 burn. The second burn will be done at an average price of $424 per token. The last 7 days have registered a total burn of over 2,600 BNB tokens (worth $1.1 million).
Meanwhile, the BNB token’s 24 hour volume ($1,941,224,781) is up by over 30%. The token is the 4th largest cryptocurrency with a total market capitalization of more than $69 billion.
35.3 million BNB burned till now
According to the Binance, 35.3 million BNB tokens have been sent to a dead wallet till now. BNB is integrated with an auto-burn feature with a mission to reduce its total token supply to 100 million. It is done with the aim to provide transparency and predictability for the community.
Gulf Energy Development, one of Thailand’s largest private power producers, is creating a joint venture with cryptocurrency trading platform Binance with the aim of entering the digital asset exchange business. As per the report, the venture between the two giants will commence as a 51-49 partnership. However, Gulf has invested $20 million for a 0.4% stake in Binance US.
- ASTER Token Defies Crypto Market Consolidation With 14% Upside, Expert See Next Stop at $3
- MetaMask Gears Up for Major MASK Token Airdrop With Reward Points System Launch
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- USDT Issuer Tether Eyes $200M Raise To Launch Tokenized Gold Treasury Company
- REX-Osprey Files For ADA, HYPE, XLM, SUI ETFs as Crypto ETF Frenzy Heats Up
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
