Binance Coin [BNB] Slips Down at #8 Rank on CMC – Here’s How CZ Responds

binance Coin
Binance Coin | Image Source: Shutterstock

Binance Coin [BNB] Slips Down at #8 Rank on CMC – Here’s How CZ Responds

The native token of Binance crypto exchange has slipped down to an 8th spot on the graph of Coinmarketcap (CMC). While other cryptocurrencies are running upward, Binance Coin (BNB) followed the backward path.

Binance Coin Slips From 6th Spot to 8th Spot on CMC

One of the largest crypto exchange, Binance has recently celebrated its two years anniversary and had finally launched the long-awaited feature, Margin Trading for eligible traders. However, on July 11, 2019, the exchange has announced that it completed the eighth Binance Coin (BNB) token burn event.

In addition, it had also stated that the exchange is intending to burn team allocated BNB tokens, counting 808,888 BNB. This comes in a wake of the company’s commitment of burning 100 million BNB tokens wherein team’s allocation counts at 40% of the total supply.

On the day of Binance’s anniversary (July 14, 2019), BNB was valuing the market capitalization of $4.1 billion, resting as a sixth-biggest crypto asset on Coinmarketcap.

Comparatively, BNB sided down to the eighth spot, losing its major value and counting with the market cap of $3,076,609,022. At the time of writing, BNB is trading at the value $28.18 against US Dollar and showing the decline of 0.27 percent over the past 24 hours.

BNB-Coin
Crypto Market | Coinmarketcap

CZ’s Responds to Declining Volume

The effect of BNB’s declining value can be quickly captured at the Twitter handle of Binance’s CEO CZ who posted a tweet, observing, “CMC just gave an 80M BNB haircut. He apparently adds that CMC’s calculation of circulating supply works well for mining coins and not projects with burn (BNB).

It’s worth to note that, Tether dethrone BNB at sixth spot and EOS at the 7th spot. At the current time, Bitcoin and other leading altcoins are experiencing a positive movement their volumes whereas BNB is the only asset with a negative remark of 0.27 percent over the past 24 hours (under the top 10 cryptocurrencies on CMC)

BNB-Coin-Marketcap
BNB Marketcap | Coinmarketcap

Featured Image – Shutterstock

Summary
Binance Coin (BNB) Slips Down at #8 Rank on CMC – Here’s How CZ Responds
Article Name
Binance Coin (BNB) Slips Down at #8 Rank on CMC – Here’s How CZ Responds
Description
The native token of Binance crypto exchange has slipped down to an 8th spot on the graph of Coinmarketcap (CMC). While other cryptocurrencies are running upward, Binance Coin (BNB) followed the backward path.
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: Tabassum

Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

Post your comment...

Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

Follow Tabassum @