Will the BNB Coin Value Go Up?

Source: coingape.com

Predictions have it that before the end of 2021, the value of the BNB is set to go up.

If you’ve never heard of the BNB coin, it is the native coin to one of the most popular trading platforms. That is Binance Cryptocurrency Exchange. Users use this coin to pay for transaction fees, hence, making it a utility token.

There have been a number of predictions regarding the value of BNB. The first prediction is by WalletInvestor. The prediction is that BNB’s price will remain above its trading price and reach $1395.85 by 2026. According to DigitalCoinPrice predictions, BNB is set to trade close to $718 by the end of 2021. Lastly, the Longforecast analyst predicts BNB will trade between $934 to $1159 before the end of 2021.

Binance Smart Chain (BSC) ‘s increasing popularity, the Binance DEX platform, has positively impacted the token’s value. The token which can trade with BTCETH, and other digital assets has attracted several large investors. The digital coin has rallied almost 1400% in 2021.

The way things are going for the token, the coin’s value is truly set to go up! 

Burning of BNB Tokens

The Binance Cryptocurrency Exchange recently announced its largest-ever and 17th quarterly BNB burn. The exchange burned almost 1.4 million tokens. At current prices, these tokens are worth nearly $640 million. Consequently, the token’s value scaled up to around $480 from approximately $305.

When Binance launched the token in 2017, it proposed to burn 50% of its total supply. This would mean the burning of 100 million tokens. The company to date has burned 16.6% of the tokens which are in circulation. Binance burns tokens each quarter based on the trading volumes of the previous quarter.

Why burn tokens? You may ask? Exchanges burn tokens to remove several digital coins from circulation permanently. This, in turn, reduces the number of coins in circulation, which leads to an increase in the value of the digital coin.

BNB Coin Market Price

The Binance token was initially launched as an ERC-20 token. Eventually, it was migrated to Binance Chain, its blockchain. The digital coin has a market cap of $111,368,159,598. Moreover, the token hit an all-time high of $686.31 on May 10, 2021. On the other hand, its all-time low was recorded on October 19, 2017, at a value of $0.0398.

Binance Cryptocurrency Exchange launched the BNB token in 2017. Based on daily trading volume, Binance is the largest crypto exchange in the world. The name Binance stands for Binary Finance, a new paradigm in global finance.

The exchange, which offers its users many functionalities aspires to be the global leading crypto exchange. Its network consists of Binance Smart Chain, Binance Chain, Binance Academy, research projects, and Trust Wallet. All of these create new-age finance as a result of leveraging blockchain technology.

Binance Company is led by CEO Changpeng Zhao, who co-founded the company alongside Roger Wang, the company’s CTO.

BNB’s current top trading platforms are FTX, Binance, CoinTiger, Huobi Global, and Mandala Exchange. BNB which is currently trading at $636.75, trades at a 24-hour volume of $2,908,021,467.73. BNB currently has 117,019,511.69 tokens in circulation.