Binance Burns Over 16 Million BNB Tokens, Price Jumps

Binance CEO Changpeng “CZ” Zhao on Sunday introduced the Binance workforce has burned over 16 million BNB (ERC-20) tokens. Crypto alternate Binance is changing the ERC20 model of BNB to the native BEP2 model after the launch of the BNB blockchain. The BNB worth jumped almost 2% to hit a 24-hour excessive of $315.

Binance Converts 16 Million BNB (ERC-20) to BNB (BEP2)

Binance CEO “CZ” in a tweet on January 29 mentioned the Binance workforce will switch/burn massive quantities of BNB tokens within the subsequent few hours. He requested critics to keep away from spreading FUD after noticing these transactions on-chain.

The burn is linked to changing the ERC20 model of BNB to the native (BEP2) model. Since the launch of native BNB blockchains, Binance converts BNB (ERC20) tokens held by some holders. Recently, Binance proclaims depositing about 16 million BNB (ERC20) tokens to a Binance pockets.

Etherscan on-chain data confirms a burn transaction from the ‘Binance 8’ pockets at 07:59 AM on January 29. Also, the BNB Chain explorer reveals a burn of 16,186,608 BNB tokens, with a transaction price of simply 0.000075 BNB.

Crypto Twitter reacts to CZ’s tweet and appreciates the transparency from crypto alternate Binance. The burning of those ERC20 BNB tokens doesn’t rely in direction of the quarterly burn or affect BNB’s total circulation.

On January 17, Binance burned 2,064,494.32 BNB tokens within the 22nd quarterly BNB token burn. Binance makes use of the Auto-Burn system to cut back the whole circulating supply to 100,000,000 BNB.

BNB Token Price Jumps After Burn

After the burn of 16,186,608 BNB tokens by the Binance workforce, the BNB worth hit a excessive of $315. The BNB worth jumped almost 2% within the final 24 hours, with the worth presently buying and selling at $312. The 24-hour high and low are $304 and $315, respectively.

Meanwhile, buying and selling quantity has declined within the final 24 hours, indicating a didn’t instantly react to the BNB burn. The crypto market continues to commerce sideways forward of the U.S. (*16*) fee hike resolution on February 1.

Also Read: This Government Announces System To Track All Crypto Transactions

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his information about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is presently masking all the most recent updates and developments within the crypto trade.

The introduced content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.