The most popular exchange Binance, in its Twitter reported the implementation of another part of the previously voiced by them plan, which is mentioned in their whitepaper.
“Every quarter, we use 20% of our profits to buy out BNB and destroy them. This will happen until we redeem 50% of all BNB tokens (100 million), “the project says.
At the moment it is known that the exchange has already destroyed 2 220 314 BNB, which is equivalent to about $ 30 million. After this message, the price of Binance Coin, crawled down, dropping by about 7%.
Predicting how the price of the coin will behave further is also not easy. For example, in January, after the second burning, the cost of BNB, shortly before it exceeded $ 23, went down sharply, dropping below $ 9. It is worth remembering that this happened against the background of a general fall of the market, under the tide of which the coin fell.
The burning of the internal cryptocurrency of the platform is destroyed every quarter. Previously, the burning occurred in October 2017, when 986,000 BNB was liquidated, and also in January 2018: 1,821,586 tokens were destroyed.