Binance Burns $17 Million Worth of Binance Coin (BNB)
The BNB burn comes just days after Binance announced its first-ever trading strategy competition that will be fueled by BNB. The competition will run from October 18 to November 1. At the end of this period, all users will be ranked based on the percentage of return achieved by their trading strategies.
Buybacks and token burns are becoming increasingly popular tactics among cryptocurrency exchanges looking to reward loyal users and increase token values.
Huobi Global, owner of the third largest cryptocurrency exchange by trading volume, recently released the details of its Q3 Huobi Token (HT) buyback. With this program, Huobi repurchased 12,520,200 HT ($20 million) and will distribute the tokens to HT holders via a series of airdrops.
BNB has been one of the best performing cryptocurrencies of 2018 and the exchange token currently has a $1.17 billion market cap, making it the largest token in the AltDex Exchange Token Index (ALTEXC).
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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.