Crypto Exchange Bibox Completes Q1 BIX Token Burn
Upstart crypto exchange Bibox announced earlier this week that it has completed its first quarter token burn for Bibox Token (BIX).
Bibox has completed the $BIX REPURCHASE and BURN in the first quarter of 2019.
The amount of BIX burnt this time：1,509,044 BIX The total amount of BIX burnt：8,548,602 BIX, which is about 6.95% of the circulating supply of BIX. Address for more details:https://t.co/ThXd3xo78L pic.twitter.com/nLrby6YUg0— Bibox (@Bibox365) April 30, 2019
According to the brief announcement, Bibox burned 1,509,044 BIX ($452K) in the latest repurchase, which roughly equals 1.3% of the current circulating supply. This amount was calculated based on 25% of the quarter’s net profits, meaning that Bibox earned roughly $2 million in profits in the first quarter of 2019.
The Bibox team notes that the total burnt to date stands at 8,548,602, which is approximately 3.2% of the BIX total supply.
For comparison, Binance, the world’s largest crypto exchange, recently conducted its seventh quarterly Binance Coin (BNB) token burn, removing 829,888 BNB, roughly $15.6 million, from circulation.
Despite the bullish event, the price of BIX has pulled back of late and is currently down 1.7% on the day $0.294691 with a $32.3 million market cap.
More: Bibox Q1 Token Burn Announcement
Related: Binance Coin (BNB) Trades Higher Following Quarterly Token Burn
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.
