The Binance record token burn recently, leads to a strong bullish tren formation for the BNB coin as the technical suggest. Following the latest developments, we are looking into the price action some more in our Binance coin news today.
Binance mastered the BNB token burn in order to become an all-encompassing aspect in the growing Binance ecosystem. The technicals for the pair are suggesting a strong bullish trend with the price above the 200-day EMA. The Binance Coin provided access to different features on the exchange while the asset as initially an ERC20 token. The migration to the binance chain happened in2019.
The market cap now stands at $3.86 billion with more than $239 million in trading volume in the past day. Since June, the price correlations between BNB and some of the other assets decreased dramatically. Binance opened back in 2017 with CEO Changpeng Zhao as a head. Zhao worked at blockchain.info previously and as OKCoin CTO from 2014 to 2015. The BNB token ICO happened in 2017 where 100 million BNB tokens were sold which led to the raise of $15 million with a token price of $0.15. Some of the most notable investors include Zhao Dong, Da Hongfei and Roger Ver.
BNB has a capped supply of 200 million tokens and 50% sold during the ICO. 40% of the coins went for the founding team and 10% to the angel investors. One of the most unique aspects of the coin is their token burn. The recent Binance record token burn only made the coin stronger. Tokens are required for burning through exchange fees, OTC markets or can be sold on markets as well. However, Zhao didn’t state how this process is completed exactly. The BNB token burns are paid with 20% of the total exchange profits from the quarter.
There’s a current circulating supply at 125,962,097 BNB which accounts for 13 tokens burns so far. The burning events will continue until 100 BNB or about 50% of the supply which will be destroyed. The third quarter saw the highest total profit since the token burning started at $1.7 billion. The use case for BNB ensures users remain in the closed ecosystem of Binance which includes Binance DEX, Binance US and Binance Launchpad. The exchange was originally founded in China but moved to Japan in 2017 and had offices in Taiwan by 2018.
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