This evening, BNB shot up to its peak price, $283. Recently, the token has been used in several DeFi initiatives on Binance Smart Chain.
The BNB coin, native to the Binance crypto exchange, has more than tripled in the past month as it is used on a variety of items.
BNB Hits an All-Time High
The token hit an all-time peak of $283 earlier today, having begun the month at $50. The BNB Smart Chain ecosystem, at its estimated circulated availability of 147 million tokens, has achieved a $33 billion valuation, positioning it as the world’s third-most-valued blockchain network.
The coin has risen in price lately, as seen below, and seems to be on an upward trajectory for now.
Since the high prices suggest that there is currently a lack of a predefined “resistance” standard, where sellers jump in to “take profit” from their holdings, there is currently no “sell-side resistance.”
This is the maximum price that this token has ever achieved, ever since it went live in 2017.
The initial coin offering (ICO) received about $15 million for the project’s production and marketing activities, with the money put into the creation and promotion of Binance.
At the moment, the firm was marketing its key value proposition as a reduced trading fee and the ability for BNB to be used as a regular currency.
What is BNB?
Binance Coin (BNB) is a cryptocurrency that was first developed by the organization, headed by Changpeng “CZ” Zhao in 2017. Initial Coin Offering (ICO) crowdfunding activities started on June 26th and ended on July 3rd.
100,000,000 BNB tokens were distributed during the token sale (50 percent of the total supply). The buying price was one Ethereum for two and seven-hundred BNB, or one Bitcoin for twenty thousand BNB (around 0.11 USD back then).
The ERC-20 edition of BNB was released in the beginning, but it will soon be shifted to the main Binance Smart Chain.
To stop constant coin burning, the initial total supply of BNB was set at 200 million coins, but this figure is declining due to repeated coin burns. Please visit this video on Binance Academy to read more about BNB coin burns.
However, in the Binance ecosystem, BNB acts as a utility token, which offers consumers discounts on trading costs while paying with BNB.
For a number of purposes, like getting BNBs and receiving savings on fees, Binance allows dealing simpler for merchants by having BNBs as a tradable currency. BNBs may also be used to compensate for hotel costs, such as rooms and fares, buying virtual gifts, and buy with a credit card.