Binance Completes Its 8th Quarterly Token Burn

Galtero Lara
Julio 14, 2019

The total circulating supply of BNB tokens has been capped at 100 million. At press time, the coin is trading at slightly over $31, showing a 4.13-percent rise, as per the CoinMarketCap scale.

CZ mentioned that this is the first time the team had ever used their BNB - for giving them up for the token elimination.

The burn transaction can be seen here and in the image below.

Binance, the world's top exchange by trading volume, says it has completed the eight quarterly "burn" of Binance coin (BNB) tokens.

Binance has vowed to burn the entire 80 million BNB, worth $2.4 billion, originally allocated for the team in what it calls a continued commitment to growing binance coin and the cryptocurrency exchange.

"According to the Binance whitepaper, 40% of the total BNB supply (80,000,000 BNB, now worth about US$2,400,000,000) was allocated to the Binance team, as a reward to the work they have put into building the Binance ecosystem".

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CoinDesk reached out to ask if the team will in some way compensated for relinquishing the millions in BNB. "All the team BNB that we have now are earned through our services or bought with our money", he said.

BNB jumped following the announcement and is up by more than 7% in the past 24 hours (06:07 UTC).

In total, around 808,888 BNB will be burned this quarter which is valued at close to $24M. Binance's native token, BNB, has recorded tremendous growth throughout 2019, breaching its all-time high on a couple of occasions. Investors seeking to acquire Binance Coin should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Coinbase, Gemini or GDAX.

In a wide variety of cases, when we find the whole market going down, or being struck by correction on their prices, we never find BNB following the same trend.

A curiosity that only proves that this Coin has, in fact, its own uniqueness and follows their own path and not the common trends.

So, we can only expect more and more growth to BNB throughout 2019, both in their Market Cap as well as value, which most probably will reach a new ATH in the next couple of weeks.

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