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Binance CEO Changpeng “CZ” Zhao on Sunday introduced the Binance crew has burned over 16 million BNB (ERC-20) tokens. Crypto change Binance is changing the ERC20 model of BNB to the native BEP2 model after the launch of the BNB blockchain. The BNB worth jumped practically 2% to hit a 24-hour excessive of $315.
Binance Converts 16 Million BNB (ERC-20) to BNB (BEP2)
Binance CEO “CZ” in a tweet on January 29 mentioned the Binance crew will switch/burn giant quantities of BNB tokens within the subsequent few hours. He requested critics to keep away from spreading FUD after noticing these transactions on-chain.
The burn is linked to changing the ERC20 model of BNB to the native (BEP2) model. Since the launch of native BNB blockchains, Binance converts BNB (ERC20) tokens held by some holders. Recently, Binance proclaims depositing about 16 million BNB (ERC20) tokens to a Binance pockets.
Etherscan on-chain data confirms a burn transaction from the ‘Binance 8’ pockets at 07:59 AM on January 29. Also, the BNB Chain explorer reveals a burn of 16,186,608 BNB tokens, with a transaction price of simply 0.000075 BNB.
Crypto Twitter reacts to CZ’s tweet and appreciates the transparency from crypto change Binance. The burning of those ERC20 BNB tokens doesn’t rely in the direction of the quarterly burn or impression BNB’s total circulation.
On January 17, Binance burned 2,064,494.32 BNB tokens within the 22nd quarterly BNB token burn. Binance makes use of the Auto-Burn system to cut back the full circulating supply to 100,000,000 BNB.
BNB Token Price Jumps After Burn
After the burn of 16,186,608 BNB tokens by the Binance crew, the BNB worth hit a excessive of $315. The BNB worth jumped practically 2% within the final 24 hours, with the value at present buying and selling at $312. The 24-hour high and low are $304 and $315, respectively.
Meanwhile, buying and selling quantity has declined within the final 24 hours, indicating a didn’t instantly react to the BNB burn. The crypto market continues to commerce sideways forward of the U.S. Federal Reserve fee hike determination on February 1.
Also Read: This Government Announces System To Track All Crypto Transactions
The submit Breaking: Binance Burns Over 16 Million BNB Tokens, Price Jumps appeared first on CoinGape.
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