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Information about Binance Coin (BNB)
BNB is Binance Coin, a cryptocurrency issued and traded by the Binance exchange.
BNB launched through an initial coin offering in 2017, 11 days before the cryptocurrency exchange Binance. Initially, BNB was issued as an ERC-20 token running on the Ethereum network, with a maximum total supply of 200 million coins and 100 million BNB offered during the ICO. However, the ERC-20 BNB coin was swapped for 1:1 BEP2 BNB in April 2019 with the official Binance Chain network launch and is no longer hosted on Ethereum.
BNB can be used as a payment method, a utility token to pay fees on the Binance exchange, and to participate in the token sale on the Binance Launchpad. BNB also powers Binance DEX (a decentralized exchange).
News
BNB is experiencing increasing bullish sentiment and robust on-chain metrics, indicating a promising breakout potential for Q2. Recent trends reflect a healthy rotation of capital towards BNB, strengthened by impressive revenue growth on Binance Smart Chain.
In Q1, Binance Smart Chain demonstrated a 70% quarter-over-quarter revenue hike, achieving a total value locked of 6.82 billion USD. This performance, evidenced by rising fees and network activity, highlights BNB’s increasing attractiveness among investors.
Despite broader market fluctuations, BNB displayed notable resilience, bouncing back from a low of 524 USD to approximately 558.42 USD. The BNB/BTC trading pair has shown positive momentum, suggesting that investor confidence in BNB is strengthening.
BNB is currently trading in a historic buy zone. Analysts believe that if buying momentum persists, it could surge to $793, a level last seen in December 2024.
Unique addresses for BNB have reached a record 539 million, signifying increasing engagement with the BNB Smart Chain, while strong accumulation trends have been recorded amidst recent price fluctuations.
He Yi discussed the need for crypto to merge with traditional finance, stressing that user satisfaction should guide product creation. She indicated that this integration is crucial as the crypto sector matures, potentially leading to new funding collaborations.
BNB’s price is currently at 557.30 USD with a market cap of 79.40 billion USD and a market dominance of 3.16%. Trading volume has surged by 17.70%, reflecting positive market sentiment and the potential impacts of industry discussions on regulatory advancements.
A Nigerian court in Abuja has adjourned the Binance tax evasion case to April 30, 2025, following Binance’s legal challenges against the Federal Inland Revenue Service.
The Nigerian government seeks 81.5 billion USD, claiming Binance’s operations have harmed the economy and devalued the Naira.
Binance asserts that the FIRS did not have proper authorization to serve legal documents outside Nigeria, complicating the legal proceedings.
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