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The World’s Largest Cryptocurrency Exchange BinanceA notable statement came from the company has so far released Binance Coin (BNB), known as its own cryptocurrency. 21. burning process executed.
The World’s Largest Cryptocurrency Exchange BinanceA notable statement came from the company has so far released Binance Coin (BNB), known as its own cryptocurrency. 21. burning process executed. Thus, the supply of BNB in the market has decreased a bit more.
Binance burns Binance Coins once every three months. For those who don’t know, let’s explain: burning a cryptocurrency means a certain amount of that currency. be destroyed resources. This reduces the amount of money produced. This normally leads to the appreciation of cryptocurrencies. Because of burning that cryptocurrency Availability is declining.
Looking at Binance official statements; 2 million 65 thousand 52 units We see that the BNB combustion has been carried out. These coins are approx. $548 million worth. Binance will re-run this trade after three months. We will find out how many BNBs will be destroyed in the next shutdown, when that day comes.
In Binance Coin’s whitepaper released in 2017, this cryptocurrency has never been It can’t be more than 200 million emphasis is placed. This is a strategy that is completely determined by the developers. This is where the combustion process comes in. According to the information in the Binance Coin whitepaper, the developer team receives BNB with 20 percent of the profits every 3 months. A certain part of the rest is burned. The burning process is Binance Coin’s share of the market. until it drops to 100 million to be continued.
Featured above on Coinmarketcap BNB price chart you see. According to this chart showing the daily period, the direct price of BNB is about $259.89. However, we can easily see that the combustion process that has taken place over the past few hours has had a positive effect on prices. The main reason for the drop in 24 hours is Bitcoin. fall hard can be interpreted as Bitcoin, which was above $19,000 24 hours ago, is currently trading at $18,374. The drop of about 4% has also affected other cryptocurrencies along with BNB.
This content cannot be considered investment advice.
Source: Web Tekno
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