Coinmarketcap has revealed shocking details with Binance coin price data analysis. The report shows an unexpected descent from the sixth spot to the eighth, in the analysis report released today.
Considering that all its rival players brought into play an impressive bullish run, BNB’s disappointing parade at the crypto market today has been nothing short of a surprise.
Binance draws attention with show-stopping announcements
Recently, Binance, the largest crypto exchange platform, grabbed the centre stage for two noteworthy news. For one, it launched the eagerly anticipated feature of Margin Trading to its platform users. The feature offers to catapult the profit potential by bringing in the increased leverage.
Secondly, the firm declared its eighth quarterly burning of twenty four million dollars ($24 million) worth of excess Binance Coins for retaining the supply amount to one hundred million. With this announcement, Binance chose to opt out of their token slot allocation and continue earning BNB through their own services.
Moreover, the coin was performing well on the eve of Binance’s 2nd anniversary. It reached a commendable market cap of over four billion dollars ($4 billion), proudly claiming to be sixth powerful digital asset in the world.
Unfortunately BNB could not cope up
All was going well for the coin, until today, when Coinmarketcap analysis disclosed BNB’s plunge in the rankings. Now claiming the eighth spot, BNB’s market cap drastically reduced to nearly three billion dollars ($3 billion).
Currently BNB trades at value of approximately twenty eight dollars ($28.18) against the US dollar. This marks a sharp decline of 0.27% within 24 hours.
Binance CEO tweets a response
Meanwhile, Binance’s CEO, Changpeng Zhao, instantly posted a witty Tweet as a response to the CMC’s analysis.
“CMC just gave an 80M BNB haircut”, remarks Zhao.
He argues that even though CMC’s analysis helps in mining decisions, it does not come to the aid of decisions related to burning coins.
CMC just gave an 80M BNB haircut. They way CMC calculate Circulating Supply works only for mining coins, it does not work for projects with burn, unlocked team allocations, etc.
— CZ Binance (@cz_binance) July 16, 2019
For the rest, it was a good run at the market
On the other hand, BNB’s position was taken up by Tether, followed by EOS as the seventh powerful crypto.
Besides, the market seems to have set positive vibes in motion as Bitcoins and other alternate currencies continue to make profits for their investors.
Unfortunately, BNB seems to be the only one not following the pattern.