The dates of July 15-18 were marked for the regular Binance Coin burning. It was expected today, and a little earlier, 1,296,728 BNB units were burned. It is known that coins with a total value of 390,855,150 USD were burned to narrow the supply. We can’t say that the BNB price reacted to this news because this news has already been pricing for a few days.
Binance Coin Burning Has Taken Place
We see that the coin burning process has been completed with the announcement made by Binance CZ just now. The current BNB price has declined to the level of $ 300.87. Binance Coin (BNB), which priced the burn during the week, did not get a good rise due to the negative mood of Bitcoin.
The 16 Million Binance Coins (BNB) held have been unlocked. The company has moved these assets to the team’s address as previously announced in its white paper. Binance is narrowing the supply by burning the assets it carries to the team address at certain times. Thus, the BNB price gains value due to low availability.
Binance Coin (BNB) Burns
Finally, Binance, which made a “burn” transaction on April 16, had burned 600 Million BNB worth about $ 1.1 Million. These incinerations are carried out 4 times a year. January April, February March, and April, for example, were the months when the cremation took place. Binance, which burns every quarter, is the 16th. He performed the quarter burning.
In other words, an average of 4 Million BNB units are burned, destroyed and the supply is narrowed annually. This situation is great for long-term investors, 2% of the total supply disappears per year. For a long-term investor, this figure means more than 20% in 10 years. In other words, even if the price remains constant, the asset it has will be 2% less each year. Moreover, BNB is rising by an average of 300-500 dec every year. Even if the bottom is calculated on prices, it means getting rich for a long-term investor.
Of course, there is no guarantee that Binance Coin (BNB) and the Binance exchange will continue to live for 10 years. But we must not forget that Binance is already the largest exchange in terms of trading volume on a global scale.
Of course, none of our shares contain investment advice. You need to make your assessments as a result of your own research and decide on the investment in this way. Remember that the crypto currency markets are an extremely risky area.