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Binace Will Burn Another $37 Billion Worth Of Binance Coin (BNB) From ICO
With the recent bull run, we see how the Binance coin (BNB) surges up and reaches $638 as an all-time high. The surge was associated with the Binance Smart Chain that works great on the DeFi platform, they also burn last week of tokens aside from that Chanpeng Zhao CEO Binance tweets added the hype and make other investors got FOMO!
Just three days ago, on April 16, 2021, Binance burned 1, 099,888 BNB tokens worth $592,434,117. Many are anticipating that BNB price will pump again but to their dismay, it goes down to $428 because BTC is also dumping. It was supposed a good chance to buy but then again, I missed the opportunity lol.
Yesterday, Zhao tweeted again to burn 40% of the total supply of BNB from the ICO (Initial Coin Offering) days that is worth over 37 billion dollars, yesterday's price below $480. 40% will be deducted to 200 million BNB that was minted during the 2027 ICO.
CZ Twitter post stated that the exchange team will ultimately burn all the allocated tokens, which is 80 million BNB instead of selling it for profit. It is the opposite thing how Coinbase $Coin drops because Coinbase's CEO sells a big portion of his asset for a profit.
The finance team completed its initial ICO of 100 million BNB last July 21, 2017. All BNB tokens were sold within 20 days which was created before the ICO.
The announcement was made after the exchange launched a blockchain network. The network strives to compete with Ethereum having a share of the DeFi (Decentralized Finance).
“It’s used on multiple DeFi platforms built on BSC that provide financial payments solutions. With the growth of BSC, more people are using BNB, and the more utility it has, the more value it gains,” Binance said.
DeFi projects has been surging within the last few months using the BSC (Binance Smart Chain) some DEX's (Decentralized Exchanges) like Pancakeswap, Beefy Finance, BakerySwap, Julswap and more are using the BSC chain as it has faster transaction and low-cost fees compared to Ethereum gas fees. Some DEX from Ethereum had integrated with BSC because of the gas fees issue, like 1INCH. With this DeFi booming, more and more people are using BNB as token fees this will bring more utility to the coin, and eventually, the price of it will also rise.
So do you have BNB? Me I still don't have it, I am planning to buy it at $430 but already rise to $500+ as of writing this article maybe the tweet of CZ made other investors buy again.