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Home NEWS NEWS BITCOIN The price of BNB soared when Binance triggered the next burn ...

The price of BNB soared when Binance triggered the next burn

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The price of BNB soars as Binance prepares to burn its next coin

The growing DEX ecosystem, competitive futures platforms, and low-cost incentives… pushed the price Binance Coin (BNB) high, before Binance triggers the next coin burn.

In the past 6 months, price BNB has quietly risen to higher thresholds, the coin has risen 189% in the meantime and it recently recorded a high of $ 46,90 on January 18 session.

The BNB price test of the high comes as the Binance exchange is triggering its 14th BNB burn. Some investors questioned whether the BNB price will go higher when the burning event ends.

Before, Binance once said that the reason they made a plan to burn BNB in ​​batches was to want to increase the value of BNB through supply cuts.

Supply cuts are quite common, already used by many projects in the crypto sector. This process does not destroy the coins but makes them unusable, eliminating them from circulation.

Besides the change in supply, Binance Chain recently launched smart contract products that enable decentralized Finance (DeFiand cross-chain asset swaps participate.

The exchange has also been incredibly profitable since its launch, so there are many of these factors that are good reasons for BNB to rise in price.

price chart bnb

when the Binance Futures launch, the exchange announced that revenue from Binance Futures will be counted toward the quarterly BNB count. These coins put out of circulation will reflect a percentage of Binance's earnings for the most recent quarter of 2020.

Though absolute market leader in futures contracts. In the 16 months since its inception, Binance Futures has increased to $ 4 billion in open interest. This number surpassed established derivative exchanges like OKEx, Huobi and BitMEX.

Binance initially announced that they would buy back burned BNBs but this policy changed in February 2.

The most recent BNB burn took place on October 16, 10, and there were 2020 million BNB burned.


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