2019-2-18 00:38 |
Binance Coin, the native cryptocurrency of the Binance exchange is currently among the top ten cryptocurrencies with over 50 percent gains in the past month while the majority of the crypto market is struggling with the ongoing crypto winter.
Just recently, Binance Coin (BNB) reached its all-time high in the BTC market. At the time of writing, BNB has been trading at $9.03 with 24-hours loss of 1.83 percent. According to the data provided by Coinmarketcap, it is trading in the red in both BTC and ETH markets as well by 2.07 percent and 3.69 percent.
In mid-December, BNB has been trading at about $4.52 that went to $9.58 on February 11. The same day, it broke its ATH against BTC at $0.0026.
BNB price chart, Source: Coinmarketcap
In mid-January, the force behind Binance Coin’s upward drive has been the coin burn. According to its whitepaper, at the start of each quarter, BNB goes through a coin burn that eliminates a portion of is total circulating supply. The crypto exchange Binance uses 20 percent of its net profits to buy back BNB and destroy them.
At that time, Binance CEO, Changpeng Zhao had shared,
“Since the start of 2019, BNB’s fundamentals have been impacted upon greatly, starting with the mid-January coin burn of over $9.4 million worth of BNB. I feel a burning sensation. How about you?”
Unlike fiat currencies BNB, the deflationary cryptocurrency is giving back to the people that use it through regular buybacks and increasing their value.
A Busy Year AheadBut with the way the developments are going with Binance exchange, more greens can be expected as crypto trader Moon Overlord took to Twitter to share why BNB could be a rare exception to buying it at its all-time high (ATH).
I can't really recommend buying at an ATH but $BNB might be a rare exception.
– Binance launchpad ICOs are only contribuable in $BNB
– $BNB launching it's own chain soon (moving off $ETH / ERC20)
– Binance DEX launching soon
– Binance DEX listing fee, yep you guessed it – $BNB pic.twitter.com/TasQCHWrjl
— Moon Overlord (@MoonOverlord) February 16, 2019
The upcoming launch of Binance’s decentralized exchange on Binance Chain is one such factor that will add to its value. Recently, it has been announced by Changpeng Zhao that its public testing is coming on February 20th.
This new venture will help Binance in expanding its business from just a cryptocurrency exchange. And BNB will be playing a major role in this exchange that will be charging a hefty fee that is $100k for listing new coins to discourage spam and fraud projects.
Moreover, Binance Chain will be allowing the projects to fundraise and launch their very own tokens on this platform. And these funds will be raised through BNB, further fostering the use case of BNB.
Binance Launchpad is also coming which is a fundraising platform on which the tokens will be launched. Similar to Ethereum platform where ICOs are launched, Binance Launchpad will give Binance and its native token BNB another edge in this crypto space. The platform has already got its first project in the form of BitTorrent which raised over 47 million in just about 20 minutes.
Binance has a busy year ahead of itself with lots of developments under process which means BNB has a lot more gains coming in its future.
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