Binance Burns $500M Worth of BNB, CZ Writes ‘Scary’ Message

Binance Burns $500M Worth of BNB, CZ Writes ‘Scary’ Message

Time Stamp: July 19, 2023 9:55 AM
Source Node: 2772195
4 mins ago 1 min read category : News
  1. Binance has announced the scheduled quarterly burn of BNB worth almost $500 million. 
  2. The price of BNB has risen by 1.1% in the last 24 hours.
  3. Changpeng Zhao wrote a message that some interpreted as cryptic and worrying.

Binance has completed the 24th quarterly burn of BNB coins, which amounted to 1,991,854. Based on today’s market prices, this is equivalent to $484 million. Consequently, BNB recovered in price slightly and is currently trading at $241.96, according to CoinGecko. This translates to a 24-hour increase of 1.1%.

Changpeng Zhao (CZ) wrote in a tweet that there were going to be on-chain transactions to be made today to “further distribute/spread the coins to more addresses.” He also assured readers that there is nothing to be alarmed about.

However, some interpreted the message as alarming, while others were not sure what CZ meant by what he said. Someone even admitted to feeling afraid by CZ’s statement.

To this, another posted a screenshot of what CZ wrote before the FTX collapse.

Currently, BNB is being traded less on exchanges compared to other blue chip tokens. In the last 24 hours, CoinGecko aggregated only $583 million in terms of trading volume on various exchanges. By contrast, other popular coins like Bitcoin, Ethereum, and XRP enjoyed larger volumes at $12 billion, $8.2 billion, and $3.1 billion, respectively.

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