BNB COIN BURN : All you need to know about the upcoming coin burn
Burning a coin is the process of sending the token to an address that is invalid and does not have a private key. This effectively removes tokens from circulation, thus reducing the supply of the asset by reducing supply, demand, and price increase.
Holding BNB tokens results in a 50% reduction in trading fees on the platform.
The first BNB coin burn took place on 18th October 2017. In the initial burn, 986,000 BNB tokens were burnt. This did not have much effect on the price of the token, which was trading at around $1.31 on the day of the burn.
The second burn took place on 18th of January 2018, after being announced on 15th of January. The event burned 1.8 million BNB tokens.
As can be seen from the price graph, the price steadily moved downwards until the coin burn took place. From a high of $23 on 15th, the coin saw a slow decline until 18th, where it increased in price from $10.06 to $15.54 in the span of one day. This represents a whopping 54% increase in price.
The most recent burn saw the destruction of 2.2 million BNB tokens. This took place on April 18th. Interestingly, the coin did not see any drastic changes in price.
The next coin burn is coming on 18th of this month. It is left to see how the price will be affected by the event.
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Kool post never knew about any of this. Good job.
@johnbcheffin12 Yes very few people know about it .
I'm following u
Your article is also good
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Thanks i will check it out and follow for sure.
thanks a lot
Always welcome luv. Cheers
Binance is the very good exchange. As it is performing good, Price of BNB will also boom. I am very much hopeful for this coin.
ofcourse it's a very good exchange,
last time it was hacked by hackers and more than 1500 btc was stolen.
Even you guys heard about the syscoin pump on binance.
That time, syscoin was sell out by 96 btc.
means
1 syscoin = 96 btc
because of hacking.
always be careful with your assests. No matter who is present in front of you.
Nice information bro.
It help many people who don't know about burning
Please do upvote , follow and comment
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thank you for supporting
Binance have Great idea to high level bnb coin reply me
Thanks for sharing this useful information.
very informative post looking forward to more of that
thak you very much
Yes it is possible
thak you very much
Nice post 👌Follow me i also follw you👍
well explained the concept of coin burn. I do have some BNB