Can BNB endure the winter of 2022 and reach $3,000?
As demand increases, Binance makes sure that the supply of BNB is frequently reduced. Binance Coin is deflationary and has better long-term prospects because a predetermined part of BNB gets destroyed every three months. Additionally, BNB functions as a payment method and opens up additional possibilities on the Binance platform, including savings, Defi staking, and liquidity mining via the BNB vault.
Since the Ethereum Merge took place, Binance has been able to effectively manage the transition for its users. In order to lower trading expenses, Binance Coin was introduced in 2017. However, it now has applications on numerous bitcoin exchanges.
In 2023, the price of the cryptocurrency is projected to reach $781. BNB consistently ranks among the best-performing currencies in terms of ROI, despite the fact that it isn’t receiving much attention right now. The cost of BNB has increased significantly once more, reaching $350 in the first part of August. But just like other cryptocurrencies, the exchange token had a poor year in 2022, with BNB’s price falling sharply. All things considered, purchasing BNB must be a wise long-term investment, right? Most industry professionals anticipate BNB will perform well. Furthermore, the bulk of projections for long-term BNB price growth are upbeat.
The largest cryptocurrency exchange in the world uses BNB as its native currency. Additionally, the ecosystem of the Binance Smart Chain benefits from it. The latter is really one of Ethereum’s competitors because of its superior scalability and lower transaction fees. The price of BNB benefits from the ongoing increase in the number of traders on Binance. From $526.94 in October 2021 to $555.34 at the beginning of January 2022, this altcoin’s price had increased.
Price, volume, and everything else about BNB
It is anticipated to expand even further as the exchange’s transaction volume rises and Binance solidifies its position as the industry leader in cryptocurrency trading. With the introduction of Binance Smart Chain, its value significantly increased, in part due to the volume of BNB used for decentralized applications (DApps), Defi, and smart contracts.
The second-largest Defi platform right now, BSC has 44 intriguing projects. The value of Binance Coin climbed by around 620,000% from the time of its launch in 2017 to its peak in 2021. The fact that the exchange has continued its burning program ever since the coin’s introduction is just more cause to believe in BNB. On April 15, 2021, Binance burned more than 1,099,888 BNB, or $595,314,380 in tokens. This was the greatest cash burn of Binance’s 15th quarterly BNB burn.
BNB was trading at about $281 when this article was written. The cost of the cryptocurrency was about -48% less than it had been in January 2022. In fact, over the past week, it has decreased by around 2%. (YTD).
The trade volume for BNB increased by double digits during the same time frame. Approximately 98.89% of the total supply of 165.12 million coins, or 163.28 million coins, are now in circulation. On the daily chart, BNB’s entire market cap was $43.9 billion. Investors and industry professionals are more optimistic about the token as its value continuously increases. The price of BNB also reflects supply and demand.
