Altcoins Talks - Cryptocurrency Forum

Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: MrSpasybo on April 16, 2021, 07:25:05 PM

Title: Impact of the event Binance burned $600M in BNB
Post by: MrSpasybo on April 16, 2021, 07:25:05 PM
Binance Coin (BNB) saw its 15th burn to date on Friday. According to on-chain data, Binance burned nearly $600 million worth of BNB tokens.

Historically, Binance has burned around 20% of the exchange’s profits. But in the last burn, Binance burned much more than 20%, and the exact percentage of the burn remains uncertain.

Sourse: Record $600M BNB burn suggests Binance made $750M in profit in Q1 (https://cointelegraph.com/news/record-600m-bnb-burn-suggests-binance-made-750m-in-profit-in-q1)

It is normal for Binance to burn BNB on a quarterly basis, but when they increased the token burn rate from 20% to 80% at this time, it caused me much confusion.
+ Is Binance looking to push BNB price higher to quickly reach the capitalization of ETH?
+ Is this a way for Binance to promote the BSC exchange and ecosystem in the context of Ethereum congestion and Cardano is not ready to serve smart contracts?
+ Is this a stepping stone for Binance to get the attention before entering the stock market like Coinbase?

According to BNB/BTC chart, BNB price only goes through wave 3 in a short cycle. I believe this event will bring BNB price to 0.0155 BTC after the minor correction is over.

(https://s3.tradingview.com/snapshots/i/If4TBsPo.png)

What do you think about this issue? Is everything just a coincidence when CZ decided to burn more than 1M BNB instead of 250K BNB? And can BNB price reach 0.0155 BTC soon?
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: yurez on April 17, 2021, 08:23:22 AM
I think Binance is raising the price of BNB to be # 2 on CMC. Entering the stock market in the future can also be seen as one of the reasons.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Callisto on April 17, 2021, 11:58:38 AM
Your research is very interesting, perhaps you are right that the value of BNB will fall after the correction. The price tag, which has now reached about $ 500 per coin, no one expected this yet, Binance seems to have ambitious goals for its coin, I think it will soon reach the price of ethereum.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Blue_sea on April 17, 2021, 06:55:25 PM
Burning BNB tokens is undoubtedly a good initiative. I welcome to the authority to take such type of secession. Now i can firmly say that BNB will now be able to achieve 2nd rank of the coinmarketcap.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: pealr12 on April 18, 2021, 06:11:17 AM
I will be mostly excited if binance at some point in the near future decided to enter the stock market like coinbase, binance has got the qualities required, high volume and huge user base,
And as for the burn percentage higher than previous, there must be a reason for it, particularly to get the attention of some people who may be having second or negative thoughts about binance,  I guess cz knows better what will be good for his business.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Evgenklm on April 18, 2021, 08:13:57 AM
it seems to me that this event no longer affects the BNB coin, perhaps in the future these burns will act when the demand increases, and the coins will be deficient, the new IEO on the binance exchange affects the price more. 8)
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Zed0X on April 18, 2021, 09:07:23 AM
Quote from: Evgenklm on April 18, 2021, 08:13:57 AM
it seems to me that this event no longer affects the BNB coin,
Announcement of the upcoming burn is usually priced in when the actual burn happens. If you are also going to look at the trend, it takes a few more weeks before the price moves up. Look back at 14th BNB burn when the price was around $40-$50 range then,  a few weeks later, it pumped to as high as $350+ before dropping back to $200+.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Gravatai on April 20, 2021, 02:36:07 PM
Of course, burns have a positive effect on the price of BNB, since Binance buys BNB from the market, thereby taking them out of circulation and then burning them. This is a good strategy that other projects are trying to implement in their own project. CZ is developing its business well, so BNB is definitely a good asset to invest
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: gabbie2010 on April 21, 2021, 02:29:23 PM
The price of BNB will definitely increase in the nearest future with the burning of their coins and the coming on board of Binance Smart Chain which is an alternative to eth ERC20 which has been disliked by investors based on their increasing transaction gas fee, BSC adoption will increase thus prompt a massive pump in the price of BNB plus the burning of some tokens
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: nelson4lov on April 24, 2021, 02:33:25 PM
Quote from: yurez on April 17, 2021, 08:23:22 AM
I think Binance is raising the price of BNB to be # 2 on CMC. Entering the stock market in the future can also be seen as one of the reasons.
I doubt if bnb can ever make it to #2 on CoinMarketCap, even with the massive burning I feel like the only edge Binance Smart Chain have over Ethereum now is just the low fees which Ethereum 2.0 will easily fix that, once eth 2.0 is released BSC will no longer be over hyped like it is now.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Freemind on April 24, 2021, 02:55:18 PM
Quote from: nelson4lov on April 24, 2021, 02:33:25 PM
I doubt if bnb can ever make it to #2 on CoinMarketCap, even with the massive burning I feel like the only edge Binance Smart Chain have over Ethereum now is just the low fees which Ethereum 2.0 will easily fix that, once eth 2.0 is released BSC will no longer be over hyped like it is now.

Ethereum is supposed to solve the high fee issues in July with a hard fork, but if not, BNB will have plenty of time to keep improving and burning coins, which could see Ethereum find itself outmatched in the not too distant future. I think we also need to remember that user patience with Ethereum has a limit.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Arkann on April 24, 2021, 04:42:09 PM
Quote from: Freemind on April 24, 2021, 02:55:18 PM
Quote from: nelson4lov on April 24, 2021, 02:33:25 PM
I doubt if bnb can ever make it to #2 on CoinMarketCap, even with the massive burning I feel like the only edge Binance Smart Chain have over Ethereum now is just the low fees which Ethereum 2.0 will easily fix that, once eth 2.0 is released BSC will no longer be over hyped like it is now.

Ethereum is supposed to solve the high fee issues in July with a hard fork, but if not, BNB will have plenty of time to keep improving and burning coins, which could see Ethereum find itself outmatched in the not too distant future. I think we also need to remember that user patience with Ethereum has a limit.
The fact is that Ethereum lagged behind in its development even in comparison with the indicators of BSC or Tron, but nevertheless this did not prevent it from achieving such high results. I believe that switching to POS, as well as burning a significant amount of Ethereum transaction fees, will increase Ethereum's chances of success.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Fivestar4everMVP on April 27, 2021, 10:08:17 PM
One thing I know is that every company owner will definitely what he's or her company to become the best among its pairs, most especially in crypto currencies where several exchanges are competing against each other, CZ is definitely trying to make bnb worth very much more so as to attract institutional investors to invest in the coin, this will make bnb coin globally recognized just like bnb is today, so I believe this are just a few of the goals CZ have.
We will just wait and see how things go with binance in the future.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Freemind on April 28, 2021, 11:59:55 AM
Quote from: Arkann on April 24, 2021, 04:42:09 PM
The fact is that Ethereum lagged behind in its development even in comparison with the indicators of BSC or Tron, but nevertheless this did not prevent it from achieving such high results. I believe that switching to POS, as well as burning a significant amount of Ethereum transaction fees, will increase Ethereum's chances of success.

You may be right, but I also think maybe the developers left too many things off their priority list. They have too much work left to switch to PoS and launch ETH 2.0, but it must be remembered that Ethereum still has many unsolved problems and that affects users, and those issues have hampered normal use of the Ethereum chain for months.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Mas Bro on April 28, 2021, 01:18:10 PM
The burning of Binance coins by the #DevelopmentTeam  is very efficient and great. Burning makes Binance's price go up even more. Binance has got the quality it needs, has a large number of users and a high volume of reaching large markets. I'm sure Binance will get even better in the future.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: raisajahan on April 28, 2021, 05:14:25 PM
I think its a great initiative for investor by the team of binance because every investor will be benefited from bnb for burning the coin. Because of burning the price of bnb will rise more and more which we have already seen in the market. Bnb price is increasing in number from last few month.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: alltalk on April 29, 2021, 10:31:46 PM
The most visible is the impact of the price increase of the BNB coin. After the burning event, the price of BNB coin should increase gradually because the total supply is decreasing. So, it is good if you are still holding your BNB coin, it will increase the value. I am still holding some BNB coins, then I just plan to sell if I think the price is already high enough.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Dexzon on April 29, 2021, 10:55:59 PM
BNB price increases are certain to happen when the #DevelopmentTeam  decided to burn coins from circukation supply.
I am wondering whether CZ would do that every 3 months to pump up the price! but after I saw the development and progress of the BSC, I am sure the price has increased because many projects have migrated to BSC which later the developers will need this coin for fuel as delivery transactions
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: marcsymons on July 30, 2021, 03:47:59 PM
Binance is one of the most popular exchanges to buy altcoins. Part of their market initiatives is to buy back their BNB coin at market price and they will burn it which means that purchased coins will vanish from the market. It will result in a higher price for the remaining BNB coins.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: collinsjie on August 06, 2021, 02:09:31 PM
It will have a great impact on the project. The price of BNB will shoot up and the value of the coin will increase. The project will attract a lot of investors. Binance has a great future for its investors.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Callisto on October 23, 2021, 01:30:10 PM
I want to say, after a long time, after your analysis, the price tag for this coin began to grow rapidly, Binance definitely has the prospects to take the 2nd place in terms of capitalization among all crypto coins and their strategy for the development of their coin is definitely correct, this is evidenced by the price practically 500 dollars. Also their blockchain is very popular and the gas price is great.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: 36B on October 25, 2021, 09:20:09 AM
In my opinion, the process of burning the BNB supply is very good and has become a mandatory thing to do if you want to get a price increase on the coin because the more difficult it is to get BNB will make the price very expensive, especially BNB currently has a very large exchange platform so it can make it even more expensive.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Google+ on October 26, 2021, 03:19:36 AM
when there is a burn on a coin that has a good reputation and a platform that is widely used by people, it will definitely have a direct impact on the price of coins at the exchange, if you look at BNB which has a platform where the Binance exchange is, it can definitely have an impact good for BNB price movements.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: tervel on October 26, 2021, 09:10:54 AM
 Burning currencies is an easy and most common way to reduce the supply of symbols, which leads to higher prices. Binance will have more users, have more profits and burn more BNB, and the price of BNB will continue to rise. Binance created the perfect loop to raise BNB prices for promote Binance.
Title: Re: Impact of the event Binance burned $600M in BNB
Post by: Freemind on October 26, 2021, 10:52:34 AM
The fact that Binance regularly burns BNB has many positives for the coin and Binance. Not only do they reduce the total supply by burning coins, but they also increase their value and increase investor confidence to keep investing, that is why the Binanace chain (BSC) is increasingly used by investors and teams who want to launch their projects in a fast and cheap secure chain. BSC may not outperform Ethereum, but it is attracting many users who are tired of high transaction fees, and that's the first step to a much bigger adoption.