Rumors of Binance Coin (BNB) Burn Amplify

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Binance has seen a lot of success since its inception, and naturally, the exchange has its own coin available to pit against other cryptocurrencies. There have been a few coin burns on Binance Coin (BNB) in the past that are at least partially responsible for a drive in price to an all-time high, just shy of 25 USD. Pretty impressive considering it was trading around 5 dollars just 100 days prior.

What's the purpose of a coin burn? 

Obviously, a  coin burn is likely to result in higher prices, we have established this. Now you want to know what it is. In the simplest of terms, a portion of coins is destroyed thus reducing the supply. Pretty much exactly what it sounds like the coins are "burned up", never to be seen again. This is good news for holders as the decreased supply leads to an increased demand.

Bringing us back to our headline, and the anticipation of the coming burn. Most are expecting a burn this month, but some are speculating it may come later in the current quarter. In any case, this has buyers hunting for the lowest prices to load up their bags. With the token floating between 7-10 USD this month, it seems primed to buy. If rumors are true, this burn could push the price to 50 USD, or more! My own price targets are quite a bit lower, 30-35 USD possibly. We'll see what happens soon, but a coin burn is a definite from what I can gather. The real question is, when will it occur?

To buy BNB coin sign up on Binance.

Disclosure:

I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive Content.

I do hold a long position in BNB.


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