Binance Coin (BNB) is a crypto token offered by the world’s most popular cryptocurrency exchange Binance. Founded by Chanpeng Zhao, Binance was initially based in China. BNB, the native coin of the Binance Chain, powers the Binance Ecosystem. Thus, BNB is the main crypto asset, which can be used to pay the Binance crypto exchange fees according to genuine Binance review. It is also used for trading purposes on the Binance trading platform.
Today, BNB has a market capitalization of $81 billion and proves to be a fantastic investment and trading option in the crypto market.
About Binance Coin in Brief
Binance Coin was launched in 2017. Initially, it was on the Ethereum Blockchain, while later it was migrated to Binance’s native blockchain, which utilizes the Tendermint byzantine-fault-tolerant consensus mechanism. It is typically based upon three nodes (Validator Nodes, Witness Nodes, and Accelerator Nodes).
The Binance Coin network is centralized, a stark contrast to Bitcoins. Binance Coin works on the principle of deflation where deliberate scarcity is created to stag the circulating supply of BNB coins at 100 million at any particular time. To do this, once a 200 million cap is reached, it is ensured that 100 million tokens are retained in circulation while the other 100 million coins are destroyed. This is why Binance burns a calculated percentage of tokens every quarter. Regulating the supply of the token should increase its value. The Binance whitepaper has finished burning 1,099,888 BNB so far and completed their 15th quarterly burns.
Pricing History of Binance Coin
Binance launched BNB as an initial coin offering in July 2017, 11 days before the cryptocurrency trading platform went live.
- At that time, one BNB token sold for 15 cents, thereby raising $15 million for 100 million BNB tokens at the first time.
- Soon BNB’s price crossed $2.5, and by 2018, it had surged to $22.63.
- By 2019, its price dropped dramatically by 180%, which again soared up to $26.38 in February 2020.
- BNB token’s value rose to its all-time high price of $637.44 on April 12, 2021.
Price Prediction of Binance Coin
Several BNB price forecasts as per experts are as follows:
- LongForecast agency’s price prediction, BNB could be $508 by this year’s end.
- According to TradingBeasts, the BNB token is likely to cross $344 in 2022 and be in the price range of $238 to $423 by 2023.
- As per the technical pricing analysis of DigitalCoinPrice, BNB could hit $577 in 2023, cross the $675 price mark by 2024, and Binance coin price prediction 2025 rise to $873.33.
Current Binance Coin Price Stats
BNB token’s price was around $600 at the time of publication. With a 24-hour trading volume of $6,790,074,930 and a market cap of $92,781,297,653, the Binance Coin has a current circulating supply of 153,432,897 BNB. Most importantly, the Binance Coin ROI is 526359.35%.
Benefits of Buying Binance Coin
BNB is the primary crypto token that can be used to pay Binance exchange fees. Several other benefits offered by the Binance Coin are:
- BNB can be traded for other crypto assets.
- On Crypto.com, BNB can be used to pay credit card bills.
- BNB can be used to pay in merchant sites like Monetha for booking hotels and flights.
- People can purchase lottery tickets or gamble in crypto casinos with BNB tokens.
- It can also be used as an instrument of investment.
- BNB also facilitates loan payments and funds transfers.
- Users can buy HTC smartphones with BNB.
Is Investing in Binance Coin Worth It?
In terms of affordability, BNB coins are still available at a lower price compared to Bitcoins. At the same time, it shows a potential to grow in the future, though its price movement is still not bearish. It already receives the support of the existing Binance community, and the more the crypto trading platform becomes popular, the more will be the number of BNB buyers. Most importantly, it is the native asset of a crypto exchange. Thus the source is more reliable than many other crypto tokens whose source of origination is either anonymous or ambiguous. BNB is also less volatile. A huge market cap and several real-world applications make BNB a worthy investment choice.
Final Words
BNB is certainly a worthy investment option in modern times. It is evident from price speculations that BNB price movements display an upward trend, which might be the best time to invest in it. Hence traders could consider investing in BNB to make significant profits for themselves in the future.
