Binance Coin has continued to defy the odds as it carries to appreciate despite the rest of the market falling. The cryptocurrency has gained 1.10% over the past 24 hours of trading with a 4.48% increase over the past 7 trading days. Binance coin is exchanging hands at $13.68, at time of writing.
The Ethereum-based token was created by the team behind the Binance platform. Binance Exchange, founded in 2017, has grown to become one of the biggest cryptocurrency exchanges in the world. The Binance token sale raised $15 million in its ICO as the BNB token allows users to receive discounts for fees involved with trading on their platform. Currently using BNB to purchase cryptocurrencies will result in a 50% reduction in trading fees, which compound over time resulting in extreme savings for traders.
More so, the Binance team have pledged to use 20% of their profits each quarter to buy up BNB tokens to destroy them. This token burn” results in the supply of the BNB token dropping, thus making the coins more valuable. The team has stated that they will continue to run their BNB buy-back scheme until 50% of the tokens have been removed from circulation, eventually leaving 100 million BNB tokens in total. So far, they have had 4 quarters of token burns, resulting in over 7 million tokens being burnt.
For more information regarding Binance and BNB, you want to read “Binance First Year Review.”
BNB is currently ranked 17th in terms of overall market cap across the entire industry, with a total market cap value of $1.31 billion.
Let us continue to analyze price action for BNB over the long term.Price Analysis BNB/USDT – LONG TERM – DAILY CHART
Analyzing the market over the long-term advantage above, we can see that BNB had experienced a major price surge toward the end of 2018 when price action started from a low of $1.34 on November 12, 2017 and appreciated to an all-time high priced at $25.18 on January 12, 2018. This was...