The total supply of the BNB token is 200 million, and more tokens can not be minted. For example, first-year users of the Binance exchange can benefit from 50% off the fees. For paying fees with BNB the users get discounts, the size of which depends on the time spent using BNB for the transaction fees. Users can pay the trading fee, exchange fee, listing fee, etc. Anyone who has BNB tokens can take a part in the IEO, thus provoking the demand for the Binance coin.Īs a cryptocurrency, BNB is used to be a trading asset and also to be used to reduce fees. The exchange leads the initial sale of tokens by those projects. The system is more centralized than Ethereum, though it’s faster and cheaper.īinance also launched its own start-up Binance Launchpad, which publishes numerous projects looking for investors. The Binance Smart Chain utilizes a Proof-of-Stake Consensus mechanism. According to the plan, only half of the initially issued volume will remain. To regulate it, every three months the company puts 20% of its income aside for the subsequent redemption of coins and their burning. The project team considered that the BNB token will be the object of inflation while creating the White Paper. 50% of the money went to advertising and brand promotion, 35% was allocated for platform development, modernization and security, and the remaining 15% was left for the reserve fund. ICO helped to raise $15 million with investments coming mainly from contributors from China. The ICO had terms according to which the 50% of the tokens were distributed among the investors, the team got 40%, and the venture investors received 10%. Initially, the BNB token was released under the ERC-20 standard and was not available for mining, but on Apthe mainnet of the Binance Smart Chain was launched and all the tokens were moved there in 5 days. The coin was released in June 2017 during the Initial Coin Offering, which had the goal of attracting investors to the upcoming Binance Exchange launch. The entire ecosystem is designed in a way to support a variety of utilities like trading fees, exchanges, fees, listings, etc. By May 2020 the token became the fourth largest one by market capitalization.
It is used to pay fees on the exchange and trade in over 50 cryptocurrency pairs. Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Binance Coin is a native token of the Binance exchange.
As the crypto world keeps changing, people who invest in it will watch these trends carefully to see how they might affect the overall market and the future of different blockchain systems. BNB’s difficulty in overcoming resistance highlights the challenges cryptocurrencies face in going up when the market is uncertain. These changes in the crypto market show how different blockchain platforms and decentralized exchanges are competing. Surprisingly, PancakeSwap’s revenue during the same period exceeded expectations, reaching $970,800.īNB market cap currently at $33 billion on the weekend chart: Impact on the Crypto Market In comparison, BNB Chain’s total revenue for the past 30 days was $931,700 as of September 7. PancakeSwap runs on BNB Chain because it has lower fees than Ethereum (ETH), making token swapping much cheaper for users.Īccording to Token Terminal data on September 6, PancakeSwap earned $96,237 in fees, showing a significant increase in user activity compared to the previous day. In the past month, its monthly revenue has exceeded that of BNB Chain, which is quite significant. In another interesting development, PancakeSwap (CAKE) has achieved a big milestone in the crypto world. If Binance Coin (BNB) manages to break out of its current falling wedge pattern, it could experience a bullish trend, potentially reaching prices of $234 or even higher, like $247 or $263. Source: Coingecko Binance Coin’s Potential for a Reversal
If the recent drop below $220 cannot be sustained, it may pave the way for buyers to challenge resistance levels.īNB weekly price action. The falling wedge pattern, which can indicate exhaustion in a bearish trend, might signal a potential trend reversal. However, BNB’s price has remained relatively stagnant amid market uncertainty, leaving traders unsure about its direction. The price dipped below the critical $220 support level on August 31, suggesting a possible bearish trend. The Leading Crypto Research Networkīinance Coin (BNB) has faced challenges as its price dropped from resistance levels multiple times in two months, forming a falling wedge pattern.Ĭurrently trading at $214.94, BNB has seen a 0.9% decrease in the last 24 hours and a small 0.6% gain in the past week.
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