Binance Coin (BNB) prices rose on Tuesday, as investors became more confident that the world’s largest crypto exchange will continue to support the token’s price.
Binance has kept its promise to continue burning BNB. Binance CEO Changpeng Zhao confirmed that $772.3 million in BNB tokens were burned to meet the company’s first-quarter goal. In the last 24 hours, the Binance token has increased by more than 5%.
CZ issued a warning just before the burn that $741 million in BNB tokens would be burned soon. He did, however, mention that the Binance token is deflationary. According to the report, the burn was carried out at an average price of $403 per token. The coin is currently trading at a price of $420 on average at the time of writing.
According to Binance, 1.8 million BNB tokens (worth $741.8 million) were burned in the first quarter of 2022. During the quarter 2 burn, over 1.8 million Binance coins (worth $769.4 million) will be sent to a dead wallet. The second burn will take place at a price of $424 per token on average. Over 2,600 BNB tokens (worth $1.1 million) have been burned in the last 7 days.
Meanwhile, the BNB token’s 24 hour volume ($1,941,224,781) has increased by more than 30%. With a total market capitalization of more than $69 billion, the token is the fourth largest cryptocurrency. Until now, 35.3 million BNB tokens have been sent to a dead wallet, according to Binance.
BNB has an auto-burn feature with the goal of reducing its total token supply to 100 million. It is done to provide the community with transparency and predictability.
Gulf Energy Development, one of Thailand’s largest private power producers, is forming a partnership with cryptocurrency trading platform Binance to enter the digital asset exchange business. According to the report, the venture between the two titans will begin as a 51-49 partnership. Gulf, on the other hand, has invested $20 million for a 0.4 percent stake in Binance US.
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