Binance Coin looking bullish, becomes the 10th largest cryptocurrency


Binance has been on a bull run lately with all the latest and ongoing updates. The Binance Coin has continued to gain more grounds with a massive increase in both volume, price and most importantly market capitalization.

Not only has the Binance Coin ($BNB) skyrocketed to the 10th position, but the trading price is also nearing a $9 breakout. Interestingly, all of these which happened between now and the last 24hrs has continued to move up with so much swiftness and has ceased to show any sign of a downtrend.

Refer to the chart below:

binance-coin-top-10

At the time of this article, over 80% of the top ten most valuable cryptocurrencies are struggling to stay afloat as they battle severe losses ranging from 4 to 14%, excluding BNB of course, and more impressively, the coin has attained gains of 16.70% at press time, placing its trading price at $8.29 and making it the highest grossing coin in gains since the last 24hrs.

From $48.49 million to a current trading volume of $125.56 million at press time, BNB has certainly garnered a tremendous increase in traders and data from coinmarketcap shows that the Binance network has been the major pioneer of this turn out, as it takes the top three position with the highest trading volume for BNB traders.

With pairs of BNB/USDT, BNB/BTC, BTT/BNB birthing volumes of $47.25, $38.36 and $9.55 Million, traders are certain to multiply and boost trading volume to an ever higher price mark before the close of today. However, the possibility of this lies in the consistency of BNB.

More about Binance Coin (BNB)

From the ICO, Binance issued its own token called the Binance Coin, with BNB as the symbol. BNB runs natively on the Ethereum blockchain and follows the ERC20 token standard.The token was established with a total supply of 200 million. As per their whitepaper, Binance plans to use 20% of their profits each Quarter to buyback and burn BNB, until 50% of the total BNB supply (100 million) is burned.

The BNB token itself has multiple forms of utility, essentially being the underlying gas that powers the Binance Ecosystem. The current most prominent use cases include using BNB to:
– Pay for trading fees on the exchange, obtaining the equivalent of a 50% discount on trades (during the first year).
– Monaco has included support for Binance’s BNB token to its platform which includes the Monaco Visa Card and mobile app.
– Uplive platform supports BNB to buy virtual gifts.

BNB Value & Repurchasing Plan

1. You can use BNB to pay for any fees on our platform, including but not limited to: Exchange fees, Listing fees, and any other fee. When you use BNB to pay for fees, you will receive a significant discount:

1st year: 50%

2nd year: 25%

3rd year: 12.5%

4th year: 6.75%

5th year: no discount

2. Repurchasing plan

Every quarter, Binance will use 20% of our profits to buy back BNB and destroy them, until the company buys back 50% of all the BNB (100M) back. All buy-back transactions will be announced on the blockchain.

In the future, Binance will build a decentralized exchange, where BNB will be used as one of the key base assets as well as gas to be spent.


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Edith Muth

Edith Yue is CryptoMeNow's analyst. She loves to do intensive research on how blockchain will make an impact in our society. You can contact Edith at Edith@cryptomenow.com

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