The BNB coin issued by Binance, the world’s largest crypto currency exchange, is not full of records. It recently refreshed the BNB record, which reached the level of $ 496.
BNB, which was traded at $ 36 at the beginning of the year, increased by 1200% in 3 months. This year, we saw nice spikes not only in BNB, but also in other altcoins built on Binance’s BSC network.
Undoubtedly, high transaction fees on Ethereum are among the main reasons for BSC’s and BNB’s growing popularity.
Users who avoid high transaction fees on Ethereum prefer BSC the most among trusted platforms.
Analysts think the rise in BNB and BSC projects may continue until the Ethereum transaction fee issue is resolved. Therefore, it is beneficial for BNB investors to closely follow the updates on Ethereum.
As BNB runs from record to record, another piece of news that the price could ignite came from Binance CEO Changpeng Zhao. CZ shared that the BNB burn will take place a few days later; “When you burn coins they are removed from circulation forever. This situation increases the value of the remaining coins. ” said.
When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins.#BNB 🔥 in a few days!
Not financial advice!
– CZ 🔶 Binance (@cz_binance) April 11, 2021
What is the BNB Burn Incident?
According to Binance’s current BNB Coin burning program, every three months Binance eliminates 20% of its current profit by taking back or destroying BNB. With this transaction, it is aimed to remove 50% of the 200 million BNB produced during the public offering.
According to calculations, it takes about 10 years for BNB to reach its target, that is, to burn 100 million BNB.
* Not Investment Advice.