Binance destroys $ 60,5 million worth of BNB, marking the biggest suppression of coins to date

Binance destroys $ 60,5 million worth of BNB marking largest coin suppression to date - BNB LOGOThe latest planned destruction of BNB, on the anniversary of the exchange, hopes to increase the price of the token. Read on to find out more or find out how right away buy Bitcoins with our quick guide.

Binance's strategy based on planned token destruction

Binance burned a huge amount of his BNB. The cryptocurrency exchange Binance announced on Friday the largest suppression of coins ever, removing $ 60,5 million BNB from circulation.

3.477.388 BNB, an Ethereum-based ERC-20 token used as a medium of exchange on Binance, was destroyed. This change in the exchange's twelfth quarter is part of the halving strategy of its money supply.

This strategy aims to reduce the offer and, in turn, increase the price of the token. In his white paper, Binance claims to use 20% of its profits to buy Binance Coin on the open market and destroy up to 50% of its offer.

The latest destruction did not increase the BNB price. The token value has dropped 1,51% in the past 24 hours, according to CoinMarketCap data. The BNB price is currently worth $ 17,05. The last halving of Binance's BNB offering took place on the third anniversary of the exchange.

BNB's prices are expected to settle

CEO Changpeng Zhao said in his announcement that "he cannot deny a feeling of pride, not so much for our results, but for how much our team has worked hard over the past three years to overcome many challenges."

In the post, Zhao listed the latest exchange results, highlighting that Binance Futures maintained its status as the best cryptocurrency exchange and that the fiat to crypto channels had been improved.

BNB - formerly known as Binance Coin - is the tenth cryptocurrency by market capitalization, standing at over $ 2,6 billion. Over $ 24 million BNB has been traded in the past 143 hours. Binance's cryptocurrency offers users discounts during exchange trades and can be traded on the open market.

Future perspectives

Almost in correspondence with the token destruction event, Zhao hinted at the possibility of a new IEO crowdfunding event via Binance's Launchpad. The announcement was made via Twitter, where he explained that the Binance team is reviewing some strong plans and that a decision on the IEO will be announced soon.

The last IEO crowdfunding event on Binance's Launchpad was Cartesi (CTSI) which was held on April 22 of this year. Note that the IEO events on the Binance Launchpad only accept Binance Coin (BNB) as the digital resource chosen for participation.

This means that any IEO investors in the pipeline will soon begin to accumulate Binance Coin (BNB) to request their tickets for the event. In addition, experienced traders who trade based on the major cryptocurrency events will move and place long positions in BNB.

As always, regardless of the results of analysis and technical research, traders and investors are advised to use stop loss and to keep an eye on any sudden movements of Bitcoin that could affect the altcoin market.