Binance CEO: We Will Eventually Burn All Team Allocated BNB From ICO

  • In 2017, the Binance team was allocated 40% of the BNB minted during the ICO
  • The 80 million BNB is now worth $ 37 billion
  • CZ has made it clear that all BNB teams assigned by the ICO will be incinerated
  • Binance Coin (BNB) fell to a local low of $ 428 due to today’s crash in the crypto market
  • However, the fundamentals surrounding the Binance Smart Chain and the BNB remain strong

Binance CEO Changpeng Zhao has shared a plan via Twitter to eventually burn all BNB teams from the exchange’s 2017 ICO. According to CZ, the Binance team has been allocated 40% of the 200 million Binance Coin (BNB) minted. That BNB 80 million amount is now worth around $ 37 billion, and the team on the exchange plans to burn it all instead of selling it for a profit.

CZ shared this information via the following tweet, which also includes the blockchain addresses where the NBB assigned by the team is kept for tracking purposes.

The #investment team had an allotment of 40% of the total supply of #BNB from the ICO days, which is worth a little over $ 37 billion at today’s (dropped) prices. We haven’t sold a single #BNB yet, and we never intend to. We’ll burn everything. More information: https://t.co/6YM7O7vqDZ

– CZ 🔶 Binance (@cz_binance), April 18, 2021

Binance Coin (BNB) falls to $ 428 but fundamentals remain strong

Binance Coin (BNB) fell from $ 518 today to a local low of $ 428 on a crypto-wide dump that resulted in over $ 10 billion in liquidations. At the time of writing, Binance Coin is trading at $ 466 as the digital asset seeks to recover from the decline and potentially reclaim $ 500.

A quick analysis of the daily BNB / USDT chart below shows that the coin has some brutal days ahead of it, at least until the price of Binance Coin hits the 50-day moving average (white), as it did in late March.

The graph also shows that all indicators point to a bearish few days or weeks for Binance Coin (BNB). Initially, the daily MACD will be bearish above the baseline. Second, the daily MFI and RSI are falling out of the overbought territory, implying a rolling correction.

However, the fundamentals surrounding the Binance Smart Chain continue to give Binance Coin (BNB) the much-needed upward momentum. The Binance Smart Chain continues to attract new DApps and the migration of those trying to escape the high gas costs of operating on Ethereum. In addition, network activity is still high as the Binance Smart Chain processed around 4.76 million transactions on the last day.

Therefore, the declining environment surrounding Binance Coin could only be a precursor to further profits, as its benefits for the Binance Smart Chain are linked to increased demand for digital assets.

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