If you're even remotely familiar with the crypto world, you've likely heard of Binance. Binance is one of the largest cryptocurrency exchanges in the world. As of mid-2022, it had more than $7 billion in volume!
In 2017, the exchange launched its own currency, Binance coin (BNB). There was a maximum of 200 million BNB tokens during the initial coin offering. Roughly 10 percent went to angel investors. Another 40 percent went to the founding team. The rest went to those participating in the initial coin offering. Explore the latest BNB price and make informed investment decisions today - visit this website now!
Originally, BNB operated on the Ethereum network. However, it later became the native currency of the Binance Chain, Binance's own blockchain network.
Compared to other coins, the BNB price makes it a popular choice for new and seasoned investors. Furthermore, its versatility makes it one of the most popular currencies on the market.
BNB Uses
Originally, BNB was a utility token for reduced trading fees. However, there are many potential uses for BNB today. Many investors use it to pay transaction fees on the Binance Chain, Binance DEX and the Binance Exchange. It's also a popular choice for payments. Many choose to use BNB for travel arrangements, entertainment purchases, online services, etc. Some also use it to make investments or take out a loan.
Binance has done a lot to expand the use of BNB. Several partnerships with live-streaming partnerships and mobile apps put BNB in front of more people and highlight creative ways to use the coin.
Coin Burning
One of the most interesting factors that impact BNB price is coin burning. Every quarter, Binance uses about a fifth of its profits to repurchase and destroy BNB held in its treasury. This process helps to maximize BNB's value and produce sustainable, long-term growth for the token.
These burning events destroy the equivalent of millions of dollars. For example, one burn in 2021 eliminated over a million BNB. At that time, the equivalent value was almost $600 million! While it seems over the top, many attribute these burn events to BNB's continued success in the crypto scene.
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