Is Binance Coin (BNB) Ready to Breakout? Coin Burn Coming Soon...
Binance has had 2 prior coin burns since October of 2017. There's been speculation they would perform another one in mid April. Well today, Binance confirmed the coin burn would in fact take place. They even suggested this might be the biggest coin burn yet. Here's the tweet from Binance's official twitter account:
Link to the tweet found here: https://twitter.com/binance/status/984217626426597376
While no date has been announced, prior coin burns have taken place in the middle of the month. If history is any guide, I would expect a possible April 15th coin burn.
Clearly the price of all coins is based on supply and demand. We know the demand for Binance's native coin has been high, especially since they announced the planned launch of their own blockchain.
Article found here: https://www.coindesk.com/binance-unveils-new-blockchain-support-decentralized-crypto-exchange/
We now know the supply will be decreased significantly after the coin burn. This may lead to a descent price increase. The question is, how many BNB coins will they burn? We'll find out soon enough.
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Doesn't look like there is much of a surge in anticipation of the burn, and since there won't be an announcement beforehand I doubt there'll be a much of a pump, if any. But then previous burns weren't responsible for spikes either, though the bullish market made it look as though at least one of them was. BNB looks like a great hold whatever happens.
I think the anticipation of the coin burn has already been baked into the price. That said, the burn itself will cause an increase in price proportionate to the amount burned...which no one knows at this point. We know Binance has made RECORD profits these last few months. We also know the amount or BNB they buy back and burn is directly related to the amount of profit they make. More profit = more coins bought back and burned. Using this logic, we can expect a greater amount of coins being burned this time around. This could lead to a nice increase in price.
A nice increase if (and only if) the amount is greater than people are anticipating, would you guess?
Having read (I think on Reddit) that the policy is to keep quiet about the burns till they've happened, so as not to artificially inflate the price, I was supposed to see this tweet from the exchange last evening: "Not long until the quarterly BNB buyback and burn. How many $BNB do you think will be burned this quarter?"
Having become convinced BTC is headed below $5K I would actually quite like to get out of the market and back in at the bottom, but since most of my portfolio is in BNB (it's been saving my bacon) I'm conflicted. Situation not helped by the fact that having just decided to use BNB to buy a good wodge of STEEM, to boost my visibility on this platform as a newbie, its price has today gone through the roof. Seems you can't win with this crypto game. Why couldn't I just leave it to the professionals? :o)
Sorry, the tweet was of course the pretext of your post. The excitement must be getting to me!