Binance to Fix CoinMarketCap Circulating Supply Differences by Unlocking BNB Balances
When you compare the circulating supply of the Binance Coin (BNB) on coinmarketcap.com to what is on the Binance.com site, you will find something interesting. On Coinmarketcap, the circulating BNB is set at 112.44 million. On the Binance site, the supply is indicated as being 144.44 million. This result is a huge difference in the supply of about 32 million BNB.
How Binance Will Fix This
After this glaring difference since circulating supply came to light, the CEO of Binance Changpeng Zao announced that they had found a solution. Via a statement on Twitter, the CEO said they would unlock some of the BNB from the creator’s addresses. As a result, this would help them adhere to how coinmarketcap calculates their value.
According to the tweet, this unlocking of BNB was going to take place over the next few days. It would take place in small amounts to help avoid any major fluctuations. This move was arrived upon after hearing suggestions from CMC. The aim is to arrive at the final circulating supply of 144,443,301 BNB as indicated on CMC.
There Is No Need For Worry
The CEO made the announcement to notify users of the platform about upcoming events concerning BNB. With the notice in hand, the Binance exchange will avoid a situation where users panic and begin exiting the BNB. This could trigger a chain reaction globally that could plummet the value of BNB and cause users to dump the exchange.
The CEO even made a tweet about it. He stated that the aim of the announcement was to avoid mass panic selling. Zao added that even if this happened, there would be others willing to buy the coin. However, he said that users should make their own judgment. In conclusion, he stated that the move would not cause any major changes. The only thing that was going to happen is that a few coins were going to be moved to different addresses.
Once the Binance exchange unlocks these BNB coins, it will cause the BNB to move higher up on CMC. The rankings on CMC will be quite similar to those on Binance. On the exchange, BNB is ranked at number 14, which places it well above Ethereum Classic and NEO.
About The Binance Exchange
Binance is one of the top 10 crypto exchanges in the world by volume. It has various factors that make it attractive such as being offered in various languages, a simple user interface, and ability to process orders fast. The exchange only deals in crypto, there are not fiat wired deposits on the exchange. This is a great exchange for trading relatively new altcoins.
About The CoinMarketCap
CoinMarketCap is a site that tracks most of the crypto coins. It shows users the value of each coin in dollars and Bitcoin. Besides that, it displays the amount in the circulation for each coin. Additionally, it will show the volume that was traded in the last 24 hours. It also displays the market cap of each coin.