Impact of the event Binance burned $600M in BNB

[MrSpasybo]

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

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.

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?

[yurez]

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.

[Callisto]

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.

[Blue_sea]

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.

[pealr12]

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.

[Evgenklm]

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.

[Zed0X]

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+.

[Gravatai]

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

[gabbie2010]

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

[nelson4lov]

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.

[Freemind]

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.

[Arkann]

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.

[Fivestar4everMVP]

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.

[Freemind]

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.

[Mas Bro]

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.