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.