Is BNB The Next ETH? Binance Coin Up 6% As $24 Million Worth Of BNB Tokens Are Burnt

Binance is one of the largest cryptocurrency exchanges in the world and its coin is ranked 7th in the crypto market. The exchange trades over 300 cryptocurrencies and has one of the busiest orderbooks in the market. The company was founded in 2017 by Changpeng Zhao and was located in China. The company had relocated to Japan due to China’s negative stand on the crypto market but finally settled in Malta when it was given an ultimatum by the Japanese government.

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Prior to this event, Binance has engaged in the burning of its token to stabilize the number of tokens in circulation. There have been more than six token burning events, leaving less than 100 million tokens in circulation. Binance uses a percentage of its profit to buy back the tokens that are later burnt. Binance News Update learned that this act of burning tokens would continue until the targeted number of tokens in circulation is achieved. The recent burning of Binance BNB token marks the eighth quarterly burn held by the company. A total of $24 million worth of token was burnt.

Cryptocurrency News Today – Binance News – Binance Coin – BNB Price Prediction – Eighth Quarterly Burn Yields Positive Result

Over 800,000 Binance BNB tokens were burnt and as a result, analysts project that a Binance coin price prediction would favor a rise in the price of Binance BNB. This forecast proved to be true as Binance BNB saw an increase of 6% to level at about $32. This has pushed it ahead of some other top players like TronTRX and even Cardano ADA. The future for Binance seems good as Binance coin price prediction indicates that the coin value can rise from$32 to more than $39 in less than a year. Further Binance price analysis shows that Binance BNB will be worth more than $60 in the next five years and there is little possibility of a price crash or drop.

Binance BNB has a market cap of over $4 billion and a 24hour volume of about $280 million. There are presently more than 140 billion BNB tokens in circulation and BNB hit an all-time high of $39 in June 2019. Sources in the crypto industry expect a 300% rise in the price of Binance BNB by 2021, with the coin trading at $132.

Binance News Update learned that Binance phenomenal growth could be linked to two factors; the quarterly token burning event and the partnership and alliances made by Binance. One such partnership is the one with Coinflip. Coinflip is a popular cryptocurrency ATM company residing in the US. The partnership with Coinflip has exposed Binance to a large number of clients using Coinflip. This has boost trading in Binance network and increased the value of Binance BNB.

The eighth token burning event done by Binance has led to an increase in the value of the BNB. Binance price analysis showed that the price of BNB surged during the first quarter burn this year. These two reasons have helped push the price of Binance BNB.

As the value of BNB rises and with Binance coin price prediction showing an impressive growth of close to 300% in the next five years, investing in BNB would be a lucrative deal. The future looks great for a currency that rose from the 17th to the 7th in under a year.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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