Quick take:
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.
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”.
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.
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.