Binance approaching the date when part of the Binance Coin, the native token of the platform on the basis of Ethereum, will be destroyed.
Periodic destruction of the coins was planned at the inception of the project:
Each quarter, we will use 20% of our profits to redeem BNB and destroy them until we buy it and do not destroy so 50% of all BNB (100MM). All transactions will be recorded in the blockchain. In the end we will destroy 100MM BNB, and treatment will be 100MM BNB.
Binance originally created 200 million BNB and promised that the coins will no longer be created. This idea is designed to help make the coin more attractive from the investment point of view because of its deflationary nature.
Binance three times already performed a similar operation. This was first implemented on 18 October last year, when it was destroyed 986.000 coins of the BNB.
The second time it occurred on 15 January this year, when 1.821.586 BNB was eliminated from the proposal.
And on April 15 was destroyed 1.520.314 BNB .
Following the planned destruction will happen in about a week, between July 15 and July 18.
Every time before this event (for few days) price BNB is usually growing.
This year Binance Coin is ignoring the bearish trend in the market. Jan 1 coin was worth about 8.25 US dollars, and is now about $ 14, according to CoinMarketCap.