Binance Coin, owned by the world’s largest crypto exchange Binance, is burning the 17th BNB.
In the post made from Binance’s social media account; A clue was given to the burning process by saying, “It’s starting to get hot in here.”
It’s getting hot in here. pic.twitter.com/OGe5qxeCOg
— Binance (@binance) October 18, 2021
The 16th BNB burning took place in July and 1.3 million BNB was withdrawn from circulation.
We observed that the BNBs burned at that time did not affect the price due to the low risk appetite of the market.
Details regarding the 17.BNB burn by Binance have not yet been shared.
What is the BNB Burning Program and Its Purpose?
According to Binance’s current BNB Coin burning program; Every three months, Binance eliminates 20% of the trading volume by repurchasing or destroying BNB.
With this transaction, it is aimed to remove 50% of the 200 million BNB produced during the IPO. Once the burning process is complete, the total supply of BNB will be limited to 100 million units.
When we look technically, we see that there is a positive RSI mismatch in BNB/BTC parity.
The price is making lower lows and highs while the RSI is making higher lows and highs. This image signals that the uptrend in BNB may continue.
*Not Investment Advice.