According to data from Coingolive, Binance Coin (BNB) is close to hitting its all-time high just before the next big token burn that will happen in the next 48 hours.
The token of the largest exchange on the global bitcoin spot market is only 4.53% higher than its record high prices. Currently trading at $ 44.79, the coin that provides discounts and other benefits on Binance must exceed $ 46.81 and traders are excited as a major event may change the price of this asset.
The 14th “BNB Burn” is scheduled for the next 48 hours.
What is Binance Coin BNB burning?
Every 3 months, according to the Binance whitepaper, 20% of the company's quarterly profit is used to buy and burn BNB coins.
The last burn occurred in October and is related to the third quarter of 2020, in this event the equivalent of US $ 68 million or 2,253,888 BNB was burned.
With the rise of bitcoin and the rise in global trade volumes, users are expecting a huge burn. The company's CEO also announced discussions on an accelerated burn program, but nothing has been defined so far.
This weekend, our team has been discussing an Accelerated Burn program for #BNB. More details to come. Also welcoming any suggestions or bright ideas.
– CZ 🔶 Binance (@cz_binance) December 19, 2020
It will be interesting to see the effect of this mechanism on the price of BNB in the next 24 hours and how it behaves in relation to the rest of the market. To date, Binance's digital asset has risen 0.92% in the last 24 hours.