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.
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).
CMC just gave an 80M BNB haircut. They way CMC calculate Circulating Supply works only for mining coins, it does not work for projects with burn, unlocked team allocations, etc.
— CZ Binance (@cz_binance) July 16, 2019
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)
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