Price for today
609,76 USD -1,53%
0,00627597 BTC -1,53%
Name: BNB
Symbol: BNB
Circulating supply: 0 $
Max supply: 0 $
Price: 609,76033 $
Volume 24h: 108002007 $
Market Cap: 90.313 B $
Percent change 24h: -1,5 %
The Binance Coin was introduced to the cryptocurrency community in 2017 by its CEO and founder Changpeng Zhao. With the main office in Malta, this Ethereum-backed digital coin enables traders to get a discount for all fees on the Binance decentralised cryptocurrency exchange. Its native ERC20 token called BNB allows users to access a variety of unique platform features and exchange blockchain assets. The exchange is also supported by large-scale fintech companies and startups which invest substantial funds into its development. The launch of the BNB token has attracted additional attention and a new influx of investments, which may well bring the trading platform to a leading position.
Bitcoin and Ethereum are usually considered sure values, which they have proven with their increasing prices and longevity. However, there are several promising cryptocurrencies that are quickly becoming community favorites globally. Binance Coin (BNB) is one of them, which has risen to the top 5 coins by market cap since the beginning of 2021.
Awesome addition to the market, Binance Coin is a utility token of the Binance company. It was released at the peak of the 2017 crypto boom. Initially, it was an ERC-20 Ethereum token. This changed in 2019 when it migrated to its proprietary project Binance Chain and became a BEP-2 token.
The man behind the coin is Changpeng Zhao, a self-made Chinese businessman who started at McDonald’s! He launched the ICO in July 2017 and released 100 million tokens to the public, for a BNB coin price of $0.15 per token. He managed to raise $15 million, which were used to fund the Binance Exchange, and the rest is history.
The BNB coin was designed to fulfill internal functions on the Binance Exchange, including:
However, only recently the value of the BNB coin literally exploded. Together with the release of the Binance Smart Chain in fall of 2020, the use cases for BNB increased exponentially, triggering a buying frenzy with investors.
Not to be confused with the original Binance Chain, the BSC brought smart contract capability to the BNB ecosystem and a staking mechanism for BNB. Consequently, users that stake BNB on the BSC to secure the network receive rewards for their effort.
The BNB currency can now be used to provide liquidity on major DEX platforms, making it an important player in the decentralized finance ecosystem. It’s also a major factor in yield farms based on the BSC protocol, essential for providing liquidity.
Now that you know what BNB coin is, let’s check its price data. The Binance chart on this page shows us the price action for the BNB crypto on a daily time frame. Consequently, each candle on the chart represents 1 day of BNB coin price action.
The BNB value was steadily increasing, with the price reaching around $40 at the beginning of 2021. However, the following bull run took the BNB coin price to new heights of over $690 at the beginning of May 2021.
The price has since retraced and is now (June 2021) hovering around the $350 mark, probably preparing for another leg up.
BNB is a proprietary coin of Binance Exchange, and very few exchanges propose any methods to convert it.
Fortunately, Godex offers more than 100 different market pairs for BNB. The most popular tokens for exchanging BNB are :
The process of a Binance Coin exchange is extremely simple on Godex. Follow the guide below to learn how to buy Binance coins:
It is not mineable. Its 200 million tokens were premined and released into circulation at launch. Since then, almost 50 million BNB have been destroyed through the “coin burn” function of the network.
If you wish to acquire BNB tokens, there are two surefire ways of how to do it:
Binance Coin has many applications within its ecosystem. For people that utilize this service often, it offers some decent discounts on the trading fees.
However, one of the most important perks of the BNB coin is its integration into the BSC ecosystem. This popular smart contract platform encompasses hundreds of successful decentralized finance projects that rely on the BNB coin.
Consequently, the BNB token is bound to the success of this blockchain, and its usage rates should continue rising in the upcoming future.
BNB is one of the top utility tokens on the market. What started as an exchange-centric token has gained multiple use-cases over the years, including staking capabilities for providing passive income for holders.
With that said, there’s one unique characteristic of the BNB crypto that makes it stand out from the crowd - the coin burn function. Every quarter, Binance buys back a certain amount of BNBs and destroys them. The goal is to reduce the maximum supply of BNB down to 100 million.
This means that the scarcity of BNB coins should increase over time, contributing to the BNB value increasing in the following years. This fixed maximum supply makes the BNB a coveted asset among crypto traders.
There are 153,432,897.00+ BNB in circulation. This amount should ultimately be reduced to a total of 100 million BNB over the next few years.
BNB came out as one of the big winners in the current bullish cycle. Trading only around $50 at the beginning of the year, the BNB value skyrocketed above $650, registering 1200% gains.
With that said, the crypto flash crash of May 2021 was quite harsh to the BNB currency. Value dropped more than 50%, signaling a possible shift into a bear market. However, many experts still agree that the current bullish cycle in crypto might not be over just yet. The fear and doubt are slowly disappearing, leaving room for more positive market sentiment.
Binance Coin, with its strong fundamentals, dozens of use-cases, and a wide array of passive income opportunities might come out even stronger out of this slump. Currently, the Binance coin prediction is that it will return to its $650 all-time high and, hopefully, surpass it to reach $1000 later, by the end of 2021.
