Binance Coin trading above its ATH as 14th burn draws near
Binance Coin has pushed above its record price following a price surge in the last 72 hours
Binance token (BNB) enjoyed a steady run over the weekend transcending its previous all-time high. This happened as the chief executive at Binance confirmed that the 14th burn would happen early this week.
Cutting above its ATH
Binance Coin’s highest ever recorded price before the weekend was $45.162. The token’s total market cap as it headed into the weekend was around $5.8 billion. However, trading activity over the weekend saw the token’s price soar from just above $40 to about $45. Its market cap has since climbed to $6.5 billion. In the last 12 hours, the token has gained even more upward momentum, shooting beyond $46.
BNB is currently trading at $46.10 — an intraday gain of 11%. Its highest price in the last 24 hours remains at $46.8483.
Binance 1 week price chart. Source: Binance
It is hard to rule out the possibility that its price will cut above $46.5 again and target $47 based on its price action in the past few hours.
The Imminent BNB token burn
Meanwhile, Changpeng Zhao ‘CZ’ has confirmed that the 14th scheduled BNB token burn will happen before Wednesday. The chief executive of the exchange posted the message yesterday on Twitter responding to a Twitter user ‘MankindBitcoin’ who inquired about the date of the event.
“Within the next 48 hours ish,” Changpeng Zhao wrote.
For the uninitiated, the token burn is a process which involves destruction of BNB tokens that are the equivalent 20% of the exchange’s quarterly profits. The process is done every quarter and so far, 13 token burns have been carried out.
The last burn happened in October last year where 2,253,888 tokens translating to about $68 million at the time were destroyed. The 14th burn is expected to be significantly bigger as price and trading volumes have gone up since October.
The post Binance Coin trading above its ATH as 14th burn draws near appeared first on Coin Journal.
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Sam Grant, @KhareemSudlow
