Binance Upholds Commitment: BNB Token Burn Removes $916 Million from Circulation
The BNB Foundation has completed its 31st quarterly token burn, eliminating 1,579,207 BNB tokens worth approximately $916 million from circulation. This move underscores Binance’s dedication to reducing the overall supply of BNB, aligning with its long-term economic strategy. While this quarter’s burn is slightly lower than the previous record of 1.634 million tokens ($1.16 billion), it reaffirms the project’s consistency in maintaining token scarcity. The burn was executed directly on the BNB Smart Chain (BSC), further solidifying the chain’s utility and transparency. This development highlights Binance’s ongoing efforts to enhance token value and ecosystem stability.
BNB Goes Up In Smoke: CZ Honors Nearly $1 Billion Token Burn Promise
The BNB Foundation has completed its 31st quarterly token burn, removing 1,579,207 tokens worth approximately $916 million at today’s prices from circulation. This reaffirms the project’s commitment to reducing its overall supply. The latest burn is a slight dip from the previous quarter’s all-time record of 1.634 million tokens worth $1.16 billion. The 31st quarterly burn was executed directly on the BNB Smart Chain (BSC).
Altcoin Market Sees Sharp Moves, STRAX Leads with 83% Surge
On April 17, 2021, the altcoin market witnessed significant moves, with STRAX ($Stratis) leading the daily gainers with an 83% surge. The coin was last trading at $0.08 on Binance, with a market capitalization of $164.7m. Other notable performers included SEND, BSW, and SYRUP, which saw increases of over 20%. All ten coins in this analysis realized double-digit growth in both prices and market cap, according to Phoenix Group.
Binance Advising Countries on Bitcoin Reserve Initiatives
Binance, the world’s largest crypto exchange, has reportedly engaged with several countries to advise them on creating a strategic Bitcoin reserve. According to The Financial Times, Binance CEO Richard Teng disclosed in a recent interview that the exchange has received approaches from several governments and sovereign wealth funds interested in establishing their own crypto reserves. Teng declined to mention specific countries but confirmed that discussions are ongoing.
Binance CEO Affirms Company’s Involvement in Advising Countries on Bitcoin Reserve
Binance CEO Richard Teng has revealed that the exchange has engaged with multiple governments and sovereign wealth funds regarding cryptocurrency regulations and the establishment of strategic Bitcoin reserves. These discussions stem from the advancements made by the US government in crypto regulations and initiatives, such as the creation of its own Bitcoin reserve.
GSR Deposits 4 Million WCT to Binance, Sparking Attention
Today, WalletConnect Token (WCT) is attracting significant attention due to large inflow transactions to exchanges. Notably, GSR Markets, a prominent crypto trading firm, deposited 4 million WCT tokens worth approximately $1.61 million to Binance. Additionally, a total of 7 million WCT ($3.46M) were deposited into Binance today. This activity is seen as an indicator of profit-taking intentions, suggesting a bullish sentiment among early investors.
Who Was Behind the OM Sell-Off? Deep Analysis Reveals the Truth.
The recent OM collapse at MANTRA has left the community confused. A single trader manipulating two exchanges, potentially Binance, triggered a series of instant drops erasing $5.5 billion. This incident highlights the fragility of many token projects, where a tiny amount of liquidity can cause a complete collapse. Allegations of foul play and rumors of insider activity have dogged the company since the crash.
