Binance Burns $600 Million, BNB Price Steady Above $450
On Apr 17, Binance, on the 16th coin burn event, destroyed $600 million worth of BNB, the largest in their history. Meanwhile,BNBprices were flat at around $480, contracting but rebounding firmly from Apr 18 lows. It is despite a significant amount of coins being taken out of circulation. As of writing, the BNB price is steady above $480, adding 28X year-to-date.
Binance will continue taking coins from circulation until 100 million BNB are destroyed. The amount of BNB burnt reflects trading demand. Changpeng Zhao has said they will accelerate the burning of coins when the Binance Smart Chain (BSC) is gaining traction, competing with Ethereum in DeFi.
Impact on BNB Price:
Bullish. At the 15th BNB burn, prices were trading at around $15. Fast-forward four months later, and BNB is trading at over 25X and fourth on the market cap leaderboard. The more BNB coins are taken from circulation, the scarcer the coins are, buoying bulls.
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