- Many users still haven’t bought BNB despite Binance’s strong market presence.
- BNB sees both gains and losses, highlighting its volatile market nature.
- Despite price drop, BNB’s trading volume surged 24.46%, indicating market interest.
Changpeng Zhao (CZ), the former CEO of Binance, shared the results of a poll asking users about their financial outcomes with Binance Coin (BNB). With over 53,000 responses, the poll offered three choices: “Yes, made money,” “No, lost money,” and “Never bought.”
Out of 53,720 votes, 41.8% of respondents said they had “never bought” BNB. This shows that, despite Binance’s prominence in the crypto market, some users haven’t invested in the token yet, possibly due to market conditions or a preference for other digital assets.
On the other hand, 30.9% of respondents reported having “made money” with BNB, suggesting that many investors view the token favorably. However, 27.3% of participants stated they had “lost money” on BNB, highlighting the volatile nature of the crypto market.
Related: Binance’s Meme Coin Picks Plunge: Is the Exchange Driving the Hype?
BNB Completes 30th Quarterly Token Burn
This news comes after the BNB Foundation just completed its 30th quarterly BNB burn. A total of 1,634,200.95 BNB tokens, worth roughly $1.16 billion at the time, were burned. The burn process has two main parts: the automatic burn mechanism and the Pioneer Burn, also known as the Anti-Black Hole Plan.
The automatic burn mechanism, which adjusts based on BNB’s price and the number of blocks produced on the BNB Chain, accounted for most of the burn, a total of 1,524,200.95 BNB. Meanwhile, the Pioneer Burn, which aims to help users who’ve lost their BNB due to mistakes, destroyed 110,000 BNB.
Related: BNB Foundation Burns $971 Million in Tokens, Price Holds Steady
BNB Price Action: Market Turbulence
At the time of the poll, BNB was trading at $654.59, with a 5.03% decline over the last day. This price drop follows a downward trend, with the coin previously priced at $689.33.
The token has struggled to stay above the $650 level, indicating short-term volatility. Even with the price decline, BNB’s trading volume rose by 24.46%, hitting $1.78 billion.
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