The last six months have been rosy for the crypto market, and Binance Coin (BNB) has been one of the biggest beneficiaries of the revigorated bull run. The upward streak continues in 2021 as market dynamics heat up. Back in October 2020, Binance did a BNB coin burn, locking out around 2.25 million coins. Now, another coin burn is about to happen, and things are already good pricewise.
Right before the coin burn planned for this January, BNB made a sharp surge that resulted in a new All-Time-High of around $46.80 on January 18, 2021. The crypto has since pulled back a bit to trade at the current value of $45.40. BNB is now at position 11 in the charts with a total market cap of around $6.4 billion.
Binance Coin burn is a routine
Coin burn conducted by Binance is a quarterly routine, with the last one having happened back in October 2020 as mentioned. The ultimate goal of these burn events is to discard the excess coins to reach a final figure of around 100 million Binance Coins in circulation.