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Binance Coin Hits a New ATH Before its 14th BNB Quarterly Token Burn

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4 years ago

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Binance Coin Hits a New ATH Before its 14th BNB Quarterly Token Burn

Binance Coin hits new all-time high on January 18th before its BNB token burn event. The new ATH of BNB as per CoinMarketCap is $46.80 USD. This is the 14th quarterly BNB token burn event.

In the 13th BNB burn event, a total of Binance burned a total of 2,253,888 BNB which was equivalent to $68 million USD worth of tokens. Also, the 13th BNB token burn event was the highest ever in terms of fiat and fourth-highest in the amount of BNB burned.

The highest token burnt was in the 12th quarterly burn and that was 3,477,388 BNB. Let’s see how much Binance is going to burn BNB token for the latest quarter of 2020. Basically, the amount of token burn will reflect a percentage of Binance’s earnings.

Basically, tokens are burned in order to reduce the existing circulating supply of a token. So if we reduce the token supply periodically the value of the token keeps increasing. By this way, the early holders of BNB will benefit the most from it.

At press time BNB is trading at $45.57 which is down by 2.77% from its all-time high. The market cap and 24h trading volume of BNB are $6,480,227,741 USD and $565,910,131 USD respectively. As per CoinMarketCap data, the 24h traded volume is down by 13.69% from the last 24h.

The BNB price is up by 17.6% in the last 7 days and 35.8% in 30 days. However BNB is more that 154.3% more in 1 year.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.