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BNB surge imminent as Binance burn $400 million worth

Cryptopolitan


TL;DR Breakdown

  • Binance burn $400 million worth of BNB
  • The coin burn represents the largest BNB burn in Binance history
  • Market decline, regulatory crackdown, FUD as reasons behind decline in token burn

A BNB surge may be upon us as Binance burn, almost $400 million worth of the coin. Theoretically, it is believed that after halving or coin burn, prices of such coins are to surge almost immediately or after some time.

The ritual of BNB burn by Binance is always done every four months. However, as anticipated, the price of the coin is yet to begin reacting to the process. This is the 16th time Binance would burn BNB, and the second time in 2021, BNB burn would happen.

The exchange destroyed 1,296,728 BNB tokens and an additional 5,163 BNB, which was destroyed through its Pioneer Burn Program.

Binance pioneer Burn Program aims to help users who have lost tokens through honestly mistaken transactions to smart contracts.

The firm covers the losses through returning tokens to users under specific circumstances.

They are deducted afterward from the quarterly burn totals by the exchange.