BNB (Binance coin) is now one of the top cryptocurrencies in the market today and has a total circulating supply of 154,533,652 BNB.
BNB (Binance coin) was launched in an ICO in July 2017 and was sold at a fraction of a dollar ($0.15). A total of 100 million BNB was sold at that time and Binance was able to raise $15 million worth of BTC (bitcoin) and ETH (ethereum). From the amount raised, 35% was used for upgrading the trading exchange’s platform, 50% for its branding, and the remaining was reserved for emergencies or other circumstances.
To slow down inflation rates, burning of BNB (Binance coin) will also be performed. How is it done? Cryptocurrency miners and developers permanently remove tokens or coins from circulation by sending them to addresses with unobtainable private keys. Without the private keys, the tokens become inaccessible to anyone. This action is irreversible and cannot be undone and tokens subjected to burning are forever lost. The process increases the scarcity of tokens like BNB (Binance coin) which helps in the increase in its value. 50% or 100,000,000 BNB will be subjected to burning from the 200,000,000 BNB initial supply. Burning will take place every three months and the number of coins will depend on the number of trades performed on Binance. Recently, Binance has burned a total of 1,099,888 BNB, or equivalent to $595,314,380 worth of tokens. Currently, BNB (Binance coin) has a maximum supply of 170,532,785.
BNB (Binance coin) is now one of the top cryptocurrencies in the market today and has a total circulating supply of 154,533,652 BNB. But what’s behind its rapid growth? This can be highly attributed to the surge in its demand which resulted in the exponential increase in its price.
Surging Demand: Instrumental to BNB’s Growth
Binance is the most dominant amongst all crypto exchanges in terms of the trading volume. For spot trading alone, its trading volume averages to more than $33B according to Coinmarketcap. With this huge amount of transaction, the exchange receives profit from all the transaction and trading fees from its users. BNB (Binance coin) is the native token of the exchange which is used for paying all transactions of all its users. It was initially built in the ethereum blockchain as an ERC-20 token. But with Binance’s expansion, the use of the token is no longer limited to the exchange. With the creation of Binance’s own blockchain, the token became the native token of the Binance Chain. It is also being used with other platforms launched by Binance like Binance DEX.
The altcoin was also adopted by other businesses as payment worldwide with the likes of Crypto.com, Monetha, and HTC. You can also use it to book travel accommodations with TravelbyBit, Trip.io, and Travala.com. Pay BNB (Binance coin) with BitTorrent, Canva, Storm for their online services. You can also use it to purchase virtual gifts, card packs, or even lottery tickets.
In January, BNB (Binance coin) is barely trading for $40-45. On May 9, it has recorded its newest all-time high with its price at $686.
BNB (Binance coin) now ranks as the fifth cryptocurrency with a total market cap of $56,856,295,430 in data by Crypto.co.
With its current ranking, BNB (Binance coin) is undeniably one of the most profitable cryptocurrencies worth adding to an investor’s portfolio. Aside from Binance exchanges and platforms, here’s a list of exchanges where you can buy the token.
- Kucoin – USDT, BTC pairing
- Bit-Z – USDT pairing
- Poloniex – USDT pairing
- HitBTC – BTC, ETH pairing
- Bibox – USDT pairing
- Gate.io – USDT, BTC pairing
- TOKOK – USDT pairing
- LBank – BTC, ETH, USDT pairing
- Crex24 – BTC pairing
- SouthXchange – BTC pairing
With its massive adoption, the price of BNB (Binance coin) is predicted to soar as high as $5,372 by the end of 2025 and reach $12,229 by 2030. Who would ever think that the token sold for a fraction of a dollar would increase to hundreds of dollars after only four years? In a blog about CZ and Binance, despite the token’s successful ICO, there was a time that the price dropped below its ICO price. But in the long run, the altcoin was able to withstand the test of time and prevailed. As of writing, BNB (Binance coin) is now at $377.57 and has increased by more than 700% from its price at the start of the year despite the recent dip. Surely, BNB (Binance coin) has become the newest favorite altcoin and a must addition to every investor’s wallet.