A next BNB burn could lead the coin to hit a new all-time high but we will have to wait through the next 48 hours in order to see what will happen. Until then, let’s read more about the Binance Coin price analysis in our news below.
The world’s leading crypto exchange token Binance Coin is slowly approaching an all-time high as it could happen a few hours before the next BNB burn, the 14th one that is scheduled to happen in the next 48 hours. Binance Coin is the leading crypto exchange token by means of market cap. Over the past 12 hours, BNB saw a huge increase in its dollar value and went from a new low of $40.9 to a high of $45, locking intraday gains of 10%.
What’s even more interesting is that the coin came closer to a new all-time high value when it hit $45.162 while it is also worth noting that the cryptocurrency retraced a bit and it is now trading at $44.09. This came a few hours before the company is scheduled to undergo its 14th token burn as confirmed by the CEO of the exchange, Changpeng Zhao. Binance goes through a burning process where it buys and destroys 20% worth of the company’s quarterly profits. There were 13 of these burns so far.
https://twitter.com/cz_binance/status/1350833812188459009
The last one happened in October 2020 and accounted for the third quarter of the year which means that in less than 48 hours we will see the new token burn of 20% of the profits of the company. In October, Binance destroyed 2,253,888 worth of coins which was about $68 million at that time. The price increased substantially since then and the trading volumes have as well, especially given the surge in the market in the past quarter of 2020. This could have had a positive impact on the company’s revenue which could lead to a substantial token burn but either way it will be interesting to see whether or not the price will react strongly.
At the end of the 2020, we reported, The team at Binance is known for keeping their head down in a building mode of the market environment as earlier this week the team at the exchange announced that BNB staking will be available on the Binance Chain testnet version.
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