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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).
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BNB is navigating around $590 after a 4% gain this week post a retest at $575. Key indicators like RSI and MACD suggest positive momentum could push BNB above $600 in the near future.
If BNB breaks the $600 mark, it may aim for $625. However, if bears take over, it could retest $575 and potentially fall to $531.
The push towards layer-2 scalability might threaten Ether’s value by dispersing liquidity across multiple platforms. Binance Research indicates that L2 networks could cannibalize Ethereum’s core value, directly affecting Ether’s pricing and its competitive edge against rivals such as Solana and BNB Smart Chain.
While upcoming upgrades, Pectra and Fusaka, aim to enhance Ethereum’s performance and reduce transaction costs, they may not yield immediate benefits for Ether’s value. Aligning incentives between Ethereum and its layer-2 solutions will be crucial for maintaining sustainable value flow back to the asset.
As part of its quarterly burn initiative, BNB Chain has eliminated 1.579 million BNB tokens, valued at 916 million USD. The total BNB supply is now 139.31 million, with an aim to bring it down to 100 million over time.
Despite the significant burn, BNB’s price has remained stable around 578 USD. Investors typically expect a price increase following such events, but historical data suggests that while burning controls inflation, it may not lead to immediate price spikes.
BNB Chain’s statement highlights the dependence on official channels to tackle rumors about unverified collaborations. Misuse of community images does not equate to endorsement.
As of April 13, 2025, BNB holds a market cap of 82.80 billion USD and a trading volume of 1.30 billion USD, reflecting a temporary 2.89% decrease in price.
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