The digital currency, “BNB”, drew attention to it this week after an accelerated rise, reaching the level of $ 100, then penetrating it and reaching $ 134 in the last 24 hours.
Yesterday, at the same time that this article was published, the currency’s price was estimated at $ 92, bringing the currency’s price today to $ 134, and then the temporary stability at $ 129.
This means an increase of 45% in the last 24 hours.
By comparing more time, exactly a week before on February 3, we find that the price of the digital currency “BNB” was estimated at $ 50.83, meaning that the price of the currency rose by 158% to reach its current level, which is a very high percentage in a short period of time. And its CEO “CZ” marked the beginning:
The recent increase in the price of the digital currency, BNB, pushed the total market value of the currency to an estimated $ 19 billion and is ranked seventh in terms of the largest currencies in terms of total market capitalization.
As we mentioned earlier on the Bitcoin Arab website, the cryptocurrency exchange platform Binance burns Binance digital currencies once every three months to reduce the overall supply.
This results in an increased scarcity of the currency and could raise its price to higher levels due to shrinking supply versus demand.
The most recent burn was on January 19, which was the largest to date.
On that day, Binance destroyed a total of 3,691,888 BNB, which was valued at $ 165.8 million at the time.
Today, these destroyed coins are estimated to be worth around $ 476 million at today’s prices.
CZ Binance CEO commented about the incineration process by saying:
Although that’s an impressive amount for a three-year-old startup, it would take about 27 years for this average to finish the burning process.
So, we thought it was time to speed things up a little.
In the future, the burn volume will not depend on the quarterly revenue of the Binance platform, as it was before.
It is worth noting that more than $ 200 million of USDT stablecoins were transferred to the Binance cryptocurrency exchange last weekend, coinciding with the BNB coin’s price jump by 25% at the time.