Binance Coin (BNB) up over 6% as Binance burns $24 million worth BNB tokens

  • The current burn marks the eighth quarterly burn of the token.
  • Binance team gives all their 80 million BNB tokens for the coin burn.
  • BNB/USD reverses above $30.00 after finding balance at $27.00.

The Malta-based and the leading cryptocurrency exchange in the world by adjusted trading volume Binance has announced today that 808,888 Binance Coin (BNB) tokens worth $24 million have been burned.

The current burn makes the eighth quarterly burn of the token that is issued by the cryptocurrency exchange. The coins are burned to bring the tokens in circulation to only 100 million BNB. The whitepaper states that the team been allocated 80 million of BNB, which make 40% of the total circulation. However, the team has given its all its coins for burning according to Binance CEO Changpeng Zhao:

“With this change, we’ll still burn BNB based on trading volume on Binance per quarter. But this time, the Binance team has given up our token allocation.”

“We are now committing to building the Binance ecosystem without getting any BNB from the initial allocation. The team will burn their own tokens first. All US$2,400,000,000 of it!”

Also Read: President Trump’s negative tweet ‘wildly bullish’ for Bitcoin

With the coin burn still in progress, Binance Coin has corrected upwards more than 6.5% in the last 24 hours after defending the support at $27.50. The price is exchanging hands at $32.54 amid an ongoing bullish momentum. The 100 Simple Moving Average (SMA) is limiting the upside at $33.13 but the buyers have eyes at the recent highs at $40.00.

BNB/USD 4-h chart

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