Quick take:
- Binance has carried out its 12th quarterly coin burn.
- The team at the exchange has removed from circulation over $60 Million worth of Binance Coin (BNB).
- 3,477,388 BNB has been destroyed and is the largest amount to date.
- Binance Coin (BNB) is trading steadily above $17.
The team at Binance has announced the completion of the 12th Binance Coin (BNB) coin burn. In this instance, 3,477,388 BNB has been permanently removed from circulation. This translates to approximately $60 Million worth of BNB destroyed. The exchange made the announcement of the BNB coin burn via the following tweet.
#Binance's 12th BNB burn is the biggest ever recorded, both in terms of #BNB and $USD value.
🔥 3,477,388 BNB gone forever.
🔥 $60.5M USD value"I am more certain about the future of crypto than ever." – Read @cz_binance's recap of the last 3 years, and plans for the future. ⬇️
— Binance (@binance) July 18, 2020
Largest Binance Coin Burn To Date and During the 3yr Binance Anniversary
To note is that the amount of BNB destroyed in this instance exceeds the previous record of 3,373,988 BNB set during the 11th BNB coin burn earlier this year in April. This coin burn is also significant in the sense that it happened around the 3 year anniversary of Binance.
Binance CEO, Changpeng Zhao, explained that the anniversary was particularly special for him and the team at Binance.
As Binance celebrates our third birthday, I can’t deny a proud feeling, not so much for our achievements, but for how hard our team has worked in the last 3 years to overcome many challenges. This is the part many people don’t see: our team has put in the sweat to turn many brutal challenges into “luck”.
Status of Binance Coin (BNB) in the Crypto Markets
Further checking the progress of Binance Coin (BNB) in the crypto markets, we find that the digital asset is in the midst of a retracement according to the daily chart. This is after BNB hit a local top at $19.
Taking a closer look at the BNB/USDT chart, the following can be observed.
- Trade volume is in the red pointing towards the earlier mentioned retracement.
- MACD and MFI also point towards a correction.
- the 50-day, 100-day and 200-day moving averages provide adequate support between $16.70 and $16.40.
Conclusion
The team at Binance has carried out the largest BNB coin burn to date worth approximately $60 Million. Furthermore, the coin burn happened during the 3 year anniversary of Binance thus fueling a rally for BNB in the crypto markets. Binance Coin (BNB) has experienced a local top around $19 and looks set to experience a retracement in the days to come.
As with all analyses of Binance Coin, traders and investors are advised to use stop losses and to have an eye out for any sudden movements by Bitcoin that might affect the altcoin market.