Binance CEO Changpeng Zhao has tweeted that the crypto exchange is going to do another BNB coin burning. However, in the tweet, CZ said that without delay, the Binance coin burning will occur a few days from now. The CEO also explained that coin burning would increase the value of the remaining coins. At the time of writing, BNB is trading just above $600. Binance Coin has witnessed a massive surge in the past month.
“It increases the value of the remaining coins.”
Binance CEO Changpeng Zhao tweeted, “when you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins.” Also, the CEO expressed that coin burning is not anything bad as the name suggests; instead, it helps grow the remaining coins’ value. However, the CZ tweet got many people’s attention on Twitter. More so, a lot of individual crypto lovers happily responded to news about the upcoming BNB burning. However, this is not the first time that Binance is doing coin burning. CZ advised that crypto lovers should not have to take his tweet as financial advice.
Binance Coin continues to surge.
The native cryptocurrency of crypto exchange Binance, Binance Coin (BNB), became the third digital currency in the world to reach a market cap of $50 billion earlier this month. Zhao also announced a new plan for Binance coin’s burning program. In the announcement, he stated that Binance will now burn BNB at a much faster rate. Currently, Binance’s BNB is the 3rd most valuable cryptocurrency in the world after Bitcoin and Ethereum. At the start of this year, BNB was trading at around $37. Due to the recent rise in BNB’s price, crypto whales have started moving the digital currency in large amounts.