BNB about to skyrocket as BNB Total supply has just been reduced by $639M.

Binance the world's largest cryptocurrency exchange platform due to daily trading volume, has just completed it's 17th Quarterly BNB burn, 1,335,888 BNB worth $639,000,000 USD was just burnt today, and you know what that means for BNB, price is about to skyrocket due to decrease in the total supply of BNB from approx. 168,137,036 BNB to 166,801,148 BNB, which signals a potential pump coming very soon in to the market.

The primary objective of coin burn is to regulate the supply and thereby stabilize the price, Coin burn is basically done to create a supply crunch, thereby creating an artificial upward pull for the token price.

Twitter

Binance CEO Changpeng Zhao, made a tweet few hours ago, that Binance "Just took $639,000,000 USD worth of #BNB out of circulation, permanently." So many twitter users has been replying his tweet, with their price expectations for BNB, majority are expecting price to hit around $1,500 per BNB, once the pump starts, why very few are expecting price to be below $1,000. In my opinion I don't have a specific value in mind for now, but am expecting a huge pump soon.

Binance CEO CZ's Tweet:

Twitter

BNB started with 200,000,000 total supply, and every quarter Binance burns out 50% of the total supply, and will continue to do that as explained in their white paper

"We eventually will destroy 100MM BNB, leaving 100MM BNB remaining. Based on our 1st quarter trading volume, we have burned 986,000 BNB. The burn record is public on the Blockchain."

BNB quarterly burn out will be done once every quarter, in the months of January, April, July and October.

BNB Market Chart

TradingView

BNB has been doing impressive well since the Bitcoin break out and huge pump on the 1st day of October, putting an end to the September saga of huge dump's, BNB pumped from $336 to $442 which was a 37% pump, before correcting back to the previous support and resistance level at $394.1, then pumped back up to it's currently price at $477, although there was a little manipulation of price earlier today, that push price to $422.9 hitting so many people's stop loss, closing and liquidating some trader's on futures. But price is back now at $477. Thanks for reading😊🖐🏼.

Posted Using LeoFinance ^Beta