Since their launch on 14th July 2017, Binance has grown into one of, if not the fastest ever growing company on earth. In an effort to make their coins more valuable over time, Binance schedule quarterly coin burns where 20% of the profit is used to buy back and get ride of Binance Coin, reducing the supply which in theory should make the currency more valuable.
— Binance (@binance) April 11, 2018
Binance Coin represents a project launched by Binance platform and this currency is available for exchange and trading as well. The amount of Binance Coin is limited to 200 million BNB units – from this amount, 50% will be sold across exchange platforms, while 40% belongs to the team behind the coin and 10% goes to Angel Investors.
Every three months, a significant portion of BNB coins are taken off the market. If the performance of Binance coins after the last two burns is anything to go by, it’s not hard to see why Binance coin (BNB) could experience a nice price surge in the upcoming days.
The first ever Binance Coin burn amount was announced on the 15th October 2017, 3 months and 1 day after launch. The Burn happened on the 18th October.
The first Binance coin burn saw 986,000 BNB coins burned.
The second BNB burn got rid of 1,821,586 BNB on January 18th, resulting in a healthy growth in profits for Quarter 2.
Immediately after the January 2018 burn, the price of Binance coin (BNB) shot up exponentially to hit a high of $24 within a few weeks.
It’s been almost 3 months since the second quarterly burn and the third burn is just around the corner.
And this burn will be interesting to follow as Binance has become one of the top exchanges and the profits will have increased by even more. We’re anticipating an even larger amount of BNB to be burned this time around, realistic number would around 2 million tokens.
The more BNB that is burned, the greater the effect will be on the market price. Keep an eye on BNB over the next couple of days, it will certainly be interesting to see, depending upon the amount the announce on the 15th April.
Future Binance Coin approximate burn dates for 2018:
18th April 2018
18th July 2018
18th October 2018