BNB will go up: some facts
- BNB is the native token of Binance Exchange. BNB stands for Build and Build.
- Initially, BNB was launched on the Ethereum blockchain as an ERC-20 token, but gradually switched to Binance’s blockchain, Binance Chain.
- BNB was launched in the year 2017 with an initial supply of 200 million BNB tokens.
- Of the 200 million BNB tokens, 10% was offered to angel investors, 40% to the founding team and the remaining 50% to the various participants through the ICO process.
- Binance follows one of the unique methods of knocking out a number of BNB tokens. Each quarter, Binance uses one-fifth of its profits to buy back and permanently destroy Binance coins.
BNB will go up: Use of the BNB token
Since its launch, BNB has expanded its usage and is now used to perform different tasks on different platforms. Initially, it was used to pay transaction and trading fees on the Binance exchange. Here are some uses of the BNB token:
- BNB tokens can be used for payments that include credit card payments on multiple BNB support sites or sites. Sites like crypto.com, Monetha, etc. They accept BNB tokens as a means of payment.
- BNB tokens can also be used for the purchase of virtual gifts. Uplive is one such platform that sells virtual gifts for BNB tokens to its user base.
- BNB tokens can also be used to make travel reservations. Sites like TravelbyBit, Trip.io, etc. They accept BNB tokens to make a reservation on their website.
- Binance coins can also be used to make investments. Using BNB tokens you can invest in some ICOs listed through the Binance launchpad.
- Some of the online services that offer platforms such as BitTorrent, Canva, Storm, etc. accept the BNB token as a payment method.
- BNB tokens can also be used for financial services. Binance coin is backed by the Monaco VISA debit card.
BNB will rise: binance ecosystem
The Binance ecosystem is expanding and with its expansion, the usefulness of the BNB token has also increased. Here are some of the services offered by BNB:
- One of the greatest utilities put in place by the BNB token is to offer a fast, secure and seamless trading experience. Binance exchange serves this purpose.
- Binance’s blockchain empowers entrepreneurs and helps develop diverse projects and communities. Some of the developments in this field are Lifeform, Magicsquare, Tatsu, Meritcircle, etc.
- Binance provides in-depth research on digital assets by providing professional, data-driven insights and analytics. For example,. Binance’s cryptographic information website, Binance’s academy offering Blockchain courses, etc.
- With Binance Charity, BNB tokens can be used to offer charity.
- Binance Chain is used to develop Crypto wallets. One such development is Trust Wallet built on the Binance chain.
BNB will go up: how high can BNB go?
BNB’s all-time highest price was $690.93 which hit in March 2020. However, BNB has the potential to rise very high due to its limited supply. Here’s how high BNB can go in the future:
|If BNB were to increase by 5% per month, forecast 2022||$1.21|
|If BNB were to increase by 20% per month, forecast 2022||US$ 2.07|
|If BNB were to increase by 30% per month, 2022 forecast||$2.87|
|If BNB were to increase by 50% per month, forecast 2022||US$ 5.06|
BNB will rise: Conclusion
The Binance token or BNB token has the potential to rise higher. One of the biggest advantages of BNB is that it is supported by the Binance exchange. However, the current market condition is not favoring the rise of the BNB token. Once market conditions improve, BNB can rise to higher limits.