Binance Coin completes its 10th token burn worth $3.9 M USD - page 2.

samuraijin

sr. member

Activity: 1722

Merit: 261

Vave.com - Crypto Casino

burn some supplies the better, because the less the value of the supply will be more expensive also with the value of the price of the BNB, in my opinion also does not have to be too much the amount of supply if the need is very much why not reduce supply to increase prices due to scarcity

Quote from: Strongkored on January 22, 2020, 02:31:53 AM

Today the coin price grow up 5% based on CMC, idk this happen because that news or just the common things in altcoin market.
A couple years ago the burn coin news will affect the price but different when all the market is still in bearish trend.

I think the 5% increase in BNB prices today is based on news, by the way, we are now in a bullish market.

btc_angela

hero member

Activity: 2660

Merit: 551

I can't recall which coin did have their burning, but history says that this method is somewhat effective to push the price because for obvious reasons that it will be more scarce because of the burning.

And as of the moment, 4.75%-5% increase is not that bad in the beginning. And I'm expecting the price to increase even further once this news get out specially for those who wanted to join and doesn't want to missed the hype on BNB.

Yaunfitda

hero member

Activity: 2870

Merit: 594

Quote from: Strongkored on January 22, 2020, 02:31:53 AM

Today the coin price grow up 5% based on CMC, idk this happen because that news or just the common things in altcoin market.
A couple years ago the burn coin news will affect the price but different when all the market is still in bearish trend.

I think it has something to do with the burning of the coins, that why the price suddenly grew by 5%.

Yes, it will have a drastic effect on the price moving forward, others might think this is the right time to enter and buy the token and wait till we go on a bull run. So I wouldn't be surprise if the pump continues in the next couple of days for Binance coin.

JeotQ

member

Activity: 406

Merit: 14

Damn, now i feel sad not buying bnb token when i can, this continuous burning off tokens will definitely have huge impact on the price, but the fact that bnb token is only useful on binance platform makes me lose interest

Strongkored

legendary

Activity: 2814

Merit: 1112

Leading Crypto Sports Betting & Casino Platform

Today the coin price grow up 5% based on CMC, idk this happen because that news or just the common things in altcoin market.
A couple years ago the burn coin news will affect the price but different when all the market is still in bearish trend.

Xangle

newbie

Activity: 22

Merit: 2

[Xangle Briefing] Binance Coin completes its 10th token burn worth $3.9 M USD, one of the biggest yet.
- Binances uses 20% of its profits for the burn, like dividend payouts in the traditional equity market.

https://xangle.io/project/home/BNB/dashboard?link=jARLCY

[Jan 22nd, 2020] According to crypto disclosure platform Xangle, Binance, the third largest exchange in terms of liquidity, has completed a token burn of 2,216,888 BNB, worth around $3.9 million USD.

This token burn is said to be the second biggest in terms of USD fiat value and the third biggest in terms of token quantity. Analysts claim that this can be recognized as an increase in Binance’s overall trading volume, as the token burn is tied in proportion to Binance’s 3-month trading volume (automated by smart contract(s)).

According to Cointelegraph, Binance is said to use 20% of its profits to cover the costs of the burn, a simliar approach to how companies pay dividendes in the traditional equity market.

Topic: Binance Coin completes its 10th token burn worth $3.9 M USD - page 2. (Read 295 times)