Binance Coin (BNB) is an ERC-20 token issued by the Binance trading platform. The concept for Binance coin (BNB) is simple, ownership of the coin will give you a 50% discount on trading fees for the world’s largest and fastest growing cryptocurrency exchange.
Since its launch 9 months ago, Binance exchange has taken the crypto market by storm, beating all the other crypto exchanges by trading volume in a matter of 6 months. As the exchange with the most liquidity and where the most popular altcoins are traded, Binance will continue to grow and the value of BNB will rise along with it.
Market Cap: $1.25 billion
Current Price: $12.60
All time High: $24.7
|Before April 30th||BNB Coinburn|
|TBA||Fiat-to-Crypto Trading Pairs|
Binance has been one of the fastest companies to achieve a $1 billion dollar valuation due to the brilliance of its founder. The CEO of Binance, CZ has further plans for expansion that will further distance the trading platform from its competitors. First of all, Binance has an upcoming coin burn that takes place every quarter. The company plans to use 20% of its profits to buy back a portion of their BNB tokens every quarter until the supply is reduced to 100 million.
In the past each coin burn has led to a sizable increase in the valuation of BNB and more of the same is expected this time around. Further down the line, Binance has exciting plans for a fiat-to-crypto implementation and for BNB to move into their own blockchain. These ambitious plans will further increase the liquidity and adoption of the trading platform, making BNB a solid short and long-term coin to hold.
Binance Coin (BNB) After Burn Price History
The October 2017 burn
This was the first burn, at a time when the coin was trading in the $1.4 – $1.7 range. After this burn, the price of Binance managed to hit a high of $10 in December, just before the January 2018 burn. That was a clear indication that the burn was quite effective in growing the value of this coin despite it being a relatively new coin at the time. A price move from $1 to $10 in two months is no easy feat for a new coin.
The January 2018 burn
Immediately after the January 2018 burn, the price of Binance coin (BNB) shot up exponentially to hit a high of $24 within a few weeks. That was a monumental rise signaling to the growing value of this crypto, as its supply declined. In fact, the only reason this crypto has declined in value since the January burn is due to the overall decline of the crypto market. This declined affected all coins irrespective of their fundamental strength. But this presents a good opportunity for investors to stock up in anticipation of the upcoming March burn.
The upcoming March 2018
If you are an investor looking to make a killing as the crypto market rebounds, then you need to start stocking up on Binance coin right now. If the market reaction to the last two burns is anything to go by, you can expect the value of Binance coin to hit $50 and above in the next coming months. That’s because, other than the statistical comparison with the last two burns, there are a number of other factors supporting this burn.
Action to Take: Buy BinanceCoin (BNB)
Entry Point: up to $12
Short Term Target: $16+
Long Term Target: $50+
Play the game, don’t let it play you!