Binance Burns Own Tokens Worth Over $1.6 Million

Binance Burns Own Tokens Worth Over $1.6 Million

Yesterday, Binance announced the completion of its fifth token burn

Every quarter of the year, Binance spends 20% of its profits to repurchases its own coin to burn. The largest exchange intends to leave only 100 million BNB in circulation. Until it reaches the targeted volume, Binance will keep on repeating the process of repurchasing and burning BNB, as stated on its whitepaper.

For the recent burn, Binance expunged 1,643,986 BNB.

A Twitter User Analyzes

A twitter user has described BNB trading volumes, before the day of the burn, as flat or falling. The user mentioned the 50% increase of trading fees within Binance, after lowering the discount to 25% in the middle of July this year.

At the moment of writing, Binance is trading at $9.96, up by 0.13%. Its 24-hour volume is at $27,914,342, also up by 3.58%.

What it means

The market of today has somehow changed. Back in 2016-2017, almost any kind of news (an updated roadmap, or a meetup and a conference announcement) had an immediate and visible impact on the market. Today, the market is becoming mature, showing signs of overreacting to news rarely.

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