Binance token BNB is rallying high for a while now, reaching its acme on January 18th.
The token’s all-time high was registered at $46.90 just a day prior to the quarterly token burn on January 19th, 2021.
Binance Token Reaches All-Time High Amid Token Burn Event
The exchange completed its scheduled token burn in which it removed almost 3.7 million Binance coins available in circulation, making it the exchange’s biggest token burn to date. The token surged immensely on July 18th, 2021, before the token burn creating a bit of speculation in the minds of investors.
Currently, the Binance token is trading at its all-time high, and the Binance bulls estimate that it can even reach up to $60 soon. The number of Whales entering the Binance network over the span of one week shows that BNB has bright prospects in the future. Binance Chain recently showcased its newest features through which the various DeFi applications and cross-chain assets swaps can work together.
Binance CEO Changpeng Zhao announced that in terms of fiat value, 2.4 times more BNB tokens have burned in this event. During its last token burning event, Binance destroyed around 2. 25 Billion BNB tokens.
The investors were curious whether the price of the token goes higher after the token burn. The firm burns tokens every quarter to limit its supply and ensure that the price is boosted. Experts believe that the massive Binance token burn is due to increasing futures and spot trading volumes on Binance.
Binance launched validation and staking services in September last year, and since then, the Binance Chain has gained a lot of popularity. After several decentralized applications were rolled out on the Binance Chain, around 600000 unique addresses have emerged on the smart chain. More than three million BNB are staked by the network validators, which showcases that the Binance chain has evolved humongous in recent times. Binance also rolled out the Binance Launchpad program to allow others to launch tokens on Binance. It helped blockchain projects to easily raise funds for their projects. The launchpad program also helped Binance to gain attention, and the token sales accentuated its appeal in the market.
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