BNB (Binance) Coin overview
Binance Coin (BNB) is a cryptocurrency that serves as a utility token on the Binance cryptocurrency exchange, the largest exchange in the world by trading volume. Binance exchange users can use BNB to pay trading fees and receive a discounted rate. Additionally, BNB can be traded or exchanged for other cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, on the Binance exchange. Binance Coin was created in July 2017 and initially ran on the Ethereum blockchain as an ERC-20 token before it migrated to Binance’s own blockchain, the Binance Chain. Binance Coin’s dual utility as a means of payment and a tradable asset makes it an attractive option for crypto traders.
Binance (BNB) fundamental analysis
The token was introduced in 2017 as part of Binance’s overall strategy to grow its ecosystem, which includes the launch of a wallet and educational materials. This launch was part of Changpeng Zhao’s strategy when he founded Binance Coin and the exchange itself.
BNB was initially released through an initial coin offering (ICO) on the Ethereum network and was designed to be used for lower trading costs on the Binance exchange. However, as the Binance ecosystem has grown, BNB has taken on multiple use cases.
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- BNB is now the main method of fueling the Binance network, including trading fees on the Binance DEX.
- It is a widely used digital currency for purchasing goods and services within the Binance partner network.
- BNB also grants access to select initial exchange offerings (IEOs) on the Binance Launchpad platform and powers the Binance Smart Chain, a smart contract-compatible blockchain.
One unique aspect of Binance Coin is its deflationary nature. Binance burns a portion of the BNB into circulation each quarter, which increases the coin’s value and scarcity over time. This makes Binance Coin an attractive option for traders and investors looking for a cryptocurrency with the potential for appreciation.
There will be surprise burn of trillions of #Lunc
— Amit Ruhela (@Amitruhel) January 17, 2023
Binance Coin (BNB) burning
Binance Coin (BNB) is a cryptocurrency at the heart of the Binance ecosystem. One of the key features of BNB is its built-in scarcity, which is achieved through a process known as “coin burning.”
As outlined in the Binance whitepaper, every quarter, Binance uses 20% of its profits to buy back and burn Binance Coins. This means that the coins are removed from circulation and destroyed completely. Binance has consistently performed these quarterly burns.
The ultimate goal of these coin burns is to buy back and destroy 100 million Binance Coins, which is 50% of the total supply. This ensures that the overall supply of Binance Coin remains finite, making it scarce and more valuable for traders and investors.
This practice of “coin burning” is highly valued by investors, as it helps to keep the value of Binance Coin stable and predictable. It also makes Binance Coin a valuable asset for traders looking for a cryptocurrency with the potential for appreciation in the long run.
BNB (Binance) Coin past price analysis
Binance Coin (BNB) is a cryptocurrency that has had a rollercoaster ride in terms of price in the past few years. In late 2021, the price of BNB grew by 50 percent, reaching an all-time high of 600 U.S. dollars in November 2021. However, the price saw a significant dip in 2022, with a single BNB coin worth around 300.56 U.S. dollars on January 25, 2023. Despite this, Binance Coin is still ranked among the top 10 most expensive cryptocurrencies in 2022.
BNB originally started as an extension of the Binance.com trading platform, functioning as an ERC-20 token on the Ethereum blockchain and offering incentives such as reduced trading fees, affiliate rewards, and a lottery ticket system (the ‘Launchpad’) that let users invest in new, Binance-selected crypto projects.
In 2019, BNB moved away from the Ethereum network and migrated to Binance’s self-developed blockchain, BSC, which initially focused on high transaction speeds and the ability to handle large amounts of traffic. However, in 2021, BSC made significant strides in the decentralized finance (DeFi) and non-fungible token (NFT) spaces, becoming a valid alternative to Ethereum. In early 2022, the total value locked (TVL) of BNB’s blockchain within DeFi ranked second behind Ethereum and Terra.
Another area where Binance’s blockchain and token play a significant role is in the “play-to-earn” blockchain games powered by cryptocurrencies, known as GameFi. Some of the more well-known and popular NFT games, like Alien Worlds and Axie Infinity, run on the blockchain behind BNB.
“The price of the native coin from BNB Chain (formerly BSC) grew by 50 percent in late 2021 but was much lower in 2022. On January 25, 2023, for example, a single BNB coin was worth more than 300.56 U.S. dollars, a value that is very different [from] the all-time high of 600 U.S. dollars in November 2021.” – Raynor de Best, a crypto expert from the Statista team.
BNB (Binance) Coin price prediction 2023
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Binance Coin, or BNB, has had a volatile journey in recent years, with its price fluctuating dramatically. However, crypto experts are optimistic about BNB’s future and have made predictions for the coin’s performance in 2023.
According to their analysis, BNB is expected to start the year strong with an average price of $318.70 in January 2023. This is predicted to increase in February to an average of $325.07 and continue to rise in March to an average of $334.83. As the year progresses, experts predict that BNB’s value will continue to increase, reaching an average of $365.83 in June and $380.47 in July. By the end of the year, BNB is predicted to reach an average price of $432.51 in December.
Experts also predict that the potential return on investment (ROI) for BNB will be significant, reaching as high as 64% by the end of the year.
While these predictions are based on an analysis of past price fluctuations and market trends, it’s important to remember that the cryptocurrency market is highly unpredictable, and any investment in BNB or other crypto coins comes with a high degree of risk. It is always important to conduct your own research and assess your risk tolerance before making any investment decisions.
According to the technical analysis of BNB prices expected in 2023, the minimum cost of BNB will be $420.37. The maximum level that the BNB price can reach is $511.66. The average trading price is expected [to be] around $432.51. – Changelly team.
BNB (Binance) Coin price prediction 2025 – 2030
Binance Coin (BNB) is a cryptocurrency that is closely tied to the Binance exchange, one of the largest cryptocurrency exchanges in the world. In this article, we will be discussing the BNB price prediction for the next several years, from 2023 to 2030.
2024: We anticipate that the price of BNB will soon surpass $748.41. However, we should wait to see if the BNB’s relative strength index comes out of the oversold zone before placing any bullish bets. The virtual currency will be worth an average of $658.60 in 2024.
2025: It could reach $1,047.78, and BNB may profit. If the market experiences a decline, the goal may not be met. BNB is expected to trade at an average price of $957.97 and a low of $898.10 in 2025.
2026: Binance Coin is expected to reach and surpass its all-time high. The BNB is expected to reach an average price of $1,347.15, with a minimum price of $1,197.46.
2027: We estimate the BNB price to cross an average price level of $1,556.70, with a minimum price of $1,496.83 expected before the end of the year. Furthermore, BNB has a maximum price value of $1,646.51.
2028: We are expecting that a bullish trend will continue, bringing the average price to around $1,856.07. If BNB breaks the resistance level in 2028, we could see a maximum price of $1,945.88. Failing to gather the support BNB needs by 2028 could result in a low of $1,796.20.
2029: While Binance Coin is striving towards interoperability between networks to hasten interaction, the bullish trend from the previous year is expected to continue. So the minimum trade price has been placed at $2,095.56 and a yearly price close above $2,245.24 in 2029.
2030: Binance Coin will finally surpass its previous all-time high values and record new price levels. The minimum price could be $2,394.93 and potentially reach a maximum price value of $2,544.61, averaging out at $2,454.80.
By 2030, Binance Coin will finally surpass its previous ATH values and record new price levels. The minimum price could be $2,394.93 and potentially reach a maximum price value of $2,544.61, averaging out at $2,454.80. – Bitcoin Wisdom experts predict.
In conclusion, Binance Coin (BNB) will experience significant growth in the coming years. According to predictions made by our analysts, BNB’s price is expected to surpass its all-time high by 2026 and rise to new levels by 2030.
It is important to note that cryptocurrency markets are highly volatile, and price forecasting is a difficult task. These predictions should not be taken as financial advice, and it is always important to do your own research (DYOR) before making any investment decisions.