Past Sunday marked Binance’s 16th quarterly Binance Coin (BNB) burning event. The prominent exchange destroyed precisely 1,296,728 BNBs, which is about $400 million worth in today’s exchange rates. This recent burning represents the second-largest BNB burning to date, only behind last March’s event where Binance destroyed a staggering $600M worth of BNBs.
However, what caught the interest of many is that the market price for the particular coin remains unfazed despite the significant scale of the recent burn. BNB’s market price typically spikes upwards after each burn as the supply for the token diminishes to some degree, thus supposedly resulting in better demand. To the dismay of seemingly many, Binance’s most recent burning event did almost nothing for the current market price of BNB.
While many felt surprised by the underwhelming outcome of Binance 16th BNB burning, industry experts see this development as a clear signal that the current market is stagnating. It is also worth mentioning that Binance has recently been on the radar of some of the world’s most prominent governments regarding its regulations, including Germany, Hong Kong, and the United Kingdom. In the UK, for instance, several high-ranking banks have already abridged their customers from transacting with Binance due to the country’s ongoing crackdown on unregulated crypto platforms.
As of press time, BNB’s market price sits at about $301.66 per token, which is 56% down from its all-time high of $686 per token last May 10