Top Leading Crypto exchange Binance has successfully completed its 9th BNB coin burn. Around 2,061,888 $BNB (36,798,103 USD) were burned at BNB incinerator. Binance CEO, Changpeng Zhao tweeted regarding this on Thursday, Oct 17.
This BNB burn is by far the highest as per Binance reports. The team feels that new services like Margin trading, Futures trading, etc. have largely contributed to the growth spurt in Q3. However, they expect still better growth in 2019 Q4 as P2P trading is recently launched.
Binance has burned half from team address and a half from other wallets owned by Binance. In general terms, Coin Burning is executed to increase the value of other remaining coins. As the total supply of BNB reduces, while the market demand stays constant; value of the BNB token is bound to increase. Binance team plans to burn BNB tokens until there are only 100,000,000 BNB left. Right now, following the burn, there are 185,475,866 BNB remaining.
This burn represents a 20% increase than the earlier BNB burn. It further shows a 56% growth in company profits.
However, the question remains. Will the BNB price increase? The BNB price has seen a slight uptrend after the coin burn news.
It will be interesting to see BNB growth in 2019 Q4. The crypto industry, however, is congratulating the Binance team on this great achievement.