Binance Coin completes its 10th token burn worth $3.9 M USD

[Xangle]

[Xangle Briefing] Binance Coin completes its 10th token burn worth $3.9 M USD, one of the biggest yet.
- Binances uses 20% of its profits for the burn, like dividend payouts in the traditional equity market.

https://xangle.io/project/home/BNB/dashboard?link=jARLCY

[Jan 22nd, 2020] According to crypto disclosure platform Xangle, Binance, the third largest exchange in terms of liquidity, has completed a token burn of 2,216,888 BNB, worth around $3.9 million USD.

This token burn is said to be the second biggest in terms of USD fiat value and the third biggest in terms of token quantity. Analysts claim that this can be recognized as an increase in Binance’s overall trading volume, as the token burn is tied in proportion to Binance’s 3-month trading volume (automated by smart contract(s)).

According to Cointelegraph, Binance is said to use 20% of its profits to cover the costs of the burn, a simliar approach to how companies pay dividendes in the traditional equity market.

[Strongkored]

Today the coin price grow up 5% based on CMC, idk this happen because that news or just the common things in altcoin market.
A couple years ago the burn coin news will affect the price but different when all the market is still in bearish trend.

[JeotQ]

Damn, now i feel sad not buying bnb token when i can, this continuous burning off tokens will definitely have huge impact on the price, but the fact that bnb token is only useful on binance platform makes me lose interest

[Yaunfitda]

Today the coin price grow up 5% based on CMC, idk this happen because that news or just the common things in altcoin market.
A couple years ago the burn coin news will affect the price but different when all the market is still in bearish trend.

I think it has something to do with the burning of the coins, that why the price suddenly grew by 5%.

Yes, it will have a drastic effect on the price moving forward, others might think this is the right time to enter and buy the token and wait till we go on a bull run. So I wouldn't be surprise if the pump continues in the next couple of days for Binance coin.

[btc_angela]

I can't recall which coin did have their burning, but history says that this method is somewhat effective to push the price because for obvious reasons that it will be more scarce because of the burning.

And as of the moment, 4.75%-5% increase is not that bad in the beginning. And I'm expecting the price to increase even further once this news get out specially for those who wanted to join and doesn't want to missed the hype on BNB.

[samuraijin]

burn some supplies the better, because the less the value of the supply will be more expensive also with the value of the price of the BNB, in my opinion also does not have to be too much the amount of supply if the need is very much why not reduce supply to increase prices due to scarcity

Today the coin price grow up 5% based on CMC, idk this happen because that news or just the common things in altcoin market.
A couple years ago the burn coin news will affect the price but different when all the market is still in bearish trend.

I think the 5% increase in BNB prices today is based on news, by the way, we are now in a bullish market.

[Thomas-s]

the fact that the exchange continues to burn coins is very good, but now the market situation is not so positive that the price of the coin did not even increase after this burning. I remember when the coins were burned for the first time, the price grew by 50-60 percent) these were very good times and people were earning good money, but they have passed and now it's just a good fulfillment of their promises from the project team.

[ray_saeed]

Looks like makret manipulation

[iv4n]

the fact that the exchange continues to burn coins is very good, but now the market situation is not so positive that the price of the coin did not even increase after this burning. I remember when the coins were burned for the first time, the price grew by 50-60 percent) these were very good times and people were earning good money, but they have passed and now it's just a good fulfillment of their promises from the project team.

The thing about burning is that there will be fewer coins in circulation, nothing more. Burning don't affect demand, at least not directly, and for the price rise except messing with supply you need to have a higher demand, or at least the same.
Like every burning this one is all over the news! In long run this is a positive thing for us who have some bnb. We can't expect price to rise after every burn the same, market situations is a bit different from the market situation when first burn took place.

[Lagduf]

Damn, now i feel sad not buying bnb token when i can, this continuous burning off tokens will definitely have huge impact on the price, but the fact that bnb token is only useful on binance platform makes me lose interest

It's not a too late dude to buy BNB again as it has a lot of coins that need to be burned again in the future. When you can understand what means if the utility coin and you will never say like that. Based on your last statement you just tell me that if you didn't understand what means of utility purpose. Binance was doing that to make its own platform will be more useful.
The dumb developer will never try to make its own platform become useful and start to generate revenue.

[DaMut]

Looks like makret manipulation

indeed, they are. they changed their whitepaper last summer without us noticing it. instead of burning it based on profit, they decided to burn the coin based on its trading volume.
it is clear they are trying to manipulate the price.

[Lizzylove1]

The money using for burning should have been channeled into Charity in Africa or some poor Asia countries. I understand Binance has been very supportive in terms of humanitarian works, the coin will still do very well without further burning, as the exchange is already a success. Although road map can be followed for integrity and trust purpose.

[distr@yopmail.com]

Looks like makret manipulation

indeed, they are. they changed their whitepaper last summer without us noticing it. instead of burning it based on profit, they decided to burn the coin based on its trading volume.
it is clear they are trying to manipulate the price.

It has changed, but it is an effort to keep their exchange stronger. see now binance remains the best and I think there will be a good development in the future for BNB. after IEO which succeeded in increasing the value of BNB became more expensive, I think BNB still has a greater potential to grow more expensive than the current price.

[DaMut]

indeed, they are. they changed their whitepaper last summer without us noticing it. instead of burning it based on profit, they decided to burn the coin based on its trading volume.
it is clear they are trying to manipulate the price.

It has changed, but it is an effort to keep their exchange stronger. see now binance remains the best and I think there will be a good development in the future for BNB. after IEO which succeeded in increasing the value of BNB became more expensive, I think BNB still has a greater potential to grow more expensive than the current price.

can you tell me, what is the relation between strengthening their exchange and burning rate?
I do not see any relation between both of it, they are changing their burning rate from net profit to total volume because they want to increase the value of their native coin or we called it manipulating.
the more it gets burned, the scarce it becomes which also means the price will go up.

[luckyflop]

Today the coin price grow up 5% based on CMC, idk this happen because that news or just the common things in altcoin market.
A couple years ago the burn coin news will affect the price but different when all the market is still in bearish trend.

The current price of binance coins is increasing because they have just announced a new IEO in the near future, immediately the price has increased by 5-7%. If this IEO is profitable for investors, I believe that the price of BNB will continue to go up, in February I expect BNB's price to go up to $ 21-23.

[target]

Damn, now i feel sad not buying bnb token when i can, this continuous burning off tokens will definitely have huge impact on the price, but the fact that bnb token is only useful on binance platform makes me lose interest

It's not a too late dude to buy BNB again as it has a lot of coins that need to be burned again in the future. When you can understand what means if the utility coin and you will never say like that. Based on your last statement you just tell me that if you didn't understand what means of utility purpose. Binance was doing that to make its own platform will be more useful.
The dumb developer will never try to make its own platform become useful and start to generate revenue.

Its not too late to buy. Its price is affordable still.
This is marketing of the exchange and attract investors in the exchange, the company had been building their name for a long time and with this Binance just make other exchanges so tiny already. They are willing to burn $3.9M worth of BNB to make its platform very well known for everyone, non of the exchanges we learned before had done this.

[el kaka22]

Does anyone know how long this burning thing will go on? I mean surely one day it has to end since there is two options, either they let some of the bnb in the market and don't burn it, or they will burn all of it eventually, which I think second one would be a bit idiotic. That is why I was wondering if anyone knows when the burning will end? Depending on the answer of that, buying bnb right now is a great way for a future investment, you would basically get a coin that will end up with less and less of it going around and you will have a bigger and bigger portion of the said coin (in this case BNB).

I personally will invest a bit of it after this burning, I know its the wrong time to do so but I will keep it until the next burning and see how it goes.

[GREENch]

I remember in 2017, any positive news about the project increased the cost of the coin, since then it has been more than two years, but the cost of some coins is still easy to manipulate by throwing the necessary information into the media.

[X-ray]

Today the coin price grow up 5% based on CMC, idk this happen because that news or just the common things in altcoin market.
A couple years ago the burn coin news will affect the price but different when all the market is still in bearish trend.

Nowadays coin burning hardly affect the price. People are smart today and we realize that by burning a certain percentage of coin supply doesn't necessarily make the coin worth more. If the utilization of the coin is bad or the demand is too low, even if the coin burns 50% of its supply it still doesn't deserve price increase.

[shinratensei_]

Looks like makret manipulation

That's true and this more than enough to be evidence if binance has started to manipulate the market https://beincrypto.com/latest-binance-coin-burn-has-nothing-to-do-with-profits/

Does anyone know how long this burning thing will go on? I mean surely one day it has to end since there is two options, either they let some of the bnb in the market and don't burn it, or they will burn all of it eventually, which I think second one would be a bit idiotic. That is why I was wondering if anyone knows when the burning will end?

The burning will end until 100 million binance coins will be destroyed or it's about 50% of the total supply.