"After this, can it jump up to the $400 price level?"
Cryptocurrency Binance Coin (BNB) climbed 2% to $315 after Binance's Chief Executive Officer (CEO) Changpeng Zhao (CZ) burned over 16 million BNB (ERC-20)* to convert to the BEP2 version.
*Standard implemented for non-fungible tokens (NFT) created using the Ethereum (ETH) blockchain
According to him, he will burn a large amount of BNB in the near future, but CZ reminds every individual not to make any speculations that could cause investors to be affected.
Since the launch of the BNB blockchain, the BNB ERC20 held by some investors has been converted to a different version in addition to depositing nearly 16 million of the digital asset to the Binance wallet on January 29.
A Twitter individual was found to support CZ's actions following the burning of BNB ERC20 will not be counted in the quarterly burning or affect the overall distribution of the digital asset.
Earlier on January 17, Binance burned nearly 2 million BNB during its 22nd quarterly burn through the use of the Auto-Burn system to reduce the total distribution supply to 100 million of the digital asset.
To date, BNB trading volume is still shrinking in the last 24 hours despite some burning of the digital asset.
