- Binance Exchange will burn more BNB coins in a few days according to CEO CZ.
- However, CZ explained that coin burning increases the value of remaining coins.
- Currently, BNB price is $559.25.
Exchange Binance CEO Changpeng Zhao (CZ) has tweeted that Binance is going to do another BNB coin burning. However, in the tweet, CZ said that without delay, the BNB coin burning will occur a few days from now.
When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins. #BNB 🔥 in a few days!
Not financial advice!
— CZ 🔶 Binance (@cz_binance) April 11, 2021
Also, CZ expressed that coin burning is not anything bad as the name suggests instead it helps grow the remaining coins’ value.
About coin burning, CZ explained,
When you burn coins, they are taken out of circulation forever, It increases the value of the remaining coins.
However, CZ tweet got many people’s attention on Twitter. More so, a lot of individual crypto lovers happily responded to news about the upcoming BNB burning. However, this is not the first time that Binance is doing coin burning.
Alongside the BNB coin burning, CZ advised that crypto lovers should not have to take his tweet as financial advice.
Moreover, CZ also announced a new plan for Binance coin’s burning program. In the announcement, CZ stated that Binance will now burn BNB at a much faster rate.
At the time of writing, BNB price is $559.25 with a 24h trading volume of $8,926, according to CoinGecko data.