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Cryptopolitan 2019-07-12 19:00:55

BNB price data analysis 12 July 2019; bullish spike after token burn

Changpeng Zhao recently announced that the team will be burning nearly 1 million BNB tokens in order to do good on the promises made in the whitepaper. The BNB burns are a constant occurrence on a quarterly basis, where the team burns around 800,000 tokens from the 89 million remaining in their possession. Binance hopes to keep only 100 million in circulation, ultimately doubling the token’s price by burns alone. The burns didn’t have an immediate effect but soon enough the price jumped from $30 to $32 per coin within just a few hours of the announcement. One BNB is

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