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The world’s largest cryptocurrency exchange, Binance, today shared some good news for the owners of the exchange’s own token, Binance Coin (BNB). Binance CEO CZ (Changpeng Zhao) announced
The world’s largest cryptocurrency exchange, Binance, today shared some good news for the owners of the exchange’s own token, Binance Coin (BNB). Binance CEO CZ (Changpeng Zhao) announced on his Twitter account millions of BNB tokens are burned explained.
Zhao shared in a statement, “BNB is deflationary. If you don’t know this, you’re missing out on the financial basics that will bring you happiness in this world. Sad but true. Now it’s time to learnmade statements. According to the statement of the CEO BNB token worth 741 million 840 thousand dollars 738 It will be taken out of circulation ‘soon’.
With CZ sharing this news, the demand for BNB has increased. After the CZ share, the value of BNB rose by more than 5%. over $420† BNB hit an all-time high of $675 on May 3, 2021 and then fell rapidly to $260 on May 23, with a market parallel decline.
The act of burning a coin/token means the permanent removal of part of a token from circulation in the market. If the demand remains the same as a result of this action, the value of the token increases as the supply decreases† As demand increases, the value of the token increases faster.
Source: Web Tekno
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