Binance, the world’s largest cryptocurrency exchange, had seen momentous success with the launch of its native token; the community has celebrated Binance Coin [BNB] and the victory. The latest news showed that the cryptocurrency underwent another change, with Whale Alert reporting that over 2 billion BNB tokens were burned at Binance.
The exact amount that was burned was 2,061,888 BNB, which amounted to a significant $36.736 million. The event occurred on October 17 at 5:11 UTC with a hash of D3ED9EFA4A242BD06E667A1F5DF102BC190C9EE76F7DB8005A5633FD7D46732A. The block height of the block that conducted the transaction was 41881636, a number that has grown steadily over the past couple of months.
Many members of the community were clamoring to praise the token’s rapid movement with Tommy Mustache, a popular cryptocurrency enthusiast tweeting:
“It appears Binance had just burned $36M USD or 2M $BNB token for the Q3 quarterly token burn.In a few years, there will be less and less $BNB token out in the market. The writing is on the wall already for this to be a $100 token one day. Just need for this bear market to end.”
He was also supported by several other proponents of the cryptocurrency space as users like Rad_Shar commented:
“$100 is lowballing at best. Hit $57 earlier this year. Neblio hit $65 in the last bull run. $binance is the frontrunner of exchanges going into the next bullrun.”
Some fans and analysts of the cryptocurrency predict that looking at the growth in its prices this year; people can expect the value to rise to $3578 by January 2020. But again, that is just a prediction.
Binance had now three consecutive quarterly burns ending with 888. Does @cz_binance round up to 888 because 8 is the luckiest number in Chinese culture?? pic.twitter.com/RJTYkhXEE9
— Larry Cermak 🫡 (@lawmaster) October 17, 2019
A current analysis of the cryptocurrency’s growth will reveal that Binance Coin has been one of the most successful cryptocurrency this year, trumping the likes of Ethereum and XRP. This has also prompted its steady rise within the charts, sometimes even entering the top 4 club.
At the time of writing, Binance Coin was trading for $18.12, with a total market cap of $2.82 billion. The cryptocurrency further held a 24-hour market volume of $155.54 million after a 24-hour decrease of 1.32 percent.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.
