Binance Coin Price (BNB) Price
BNB
Binance Coin
BNBBinance Coin (BNB) is a cryptocurrency that was created by the Binance cryptocurrency exchange. Binance, founded in 2017 by Changpeng Zhao, has become one of the largest cryptocurrency exchanges globally. BNB was initially launched as an ERC-20 token on the Ethereum blockchain but later transitioned to its own blockchain called Binance Chain (now known as Binance Smart Chain or BNB Smart Chain).
BNB serves multiple purposes within the Binance ecosystem. Firstly, it acts as the native token of the Binance exchange, allowing users to pay fees, participate in token sales, and access various services and features offered on the platform. By using BNB to pay for trading fees, users can enjoy discounted rates.
2017
BNB was launched in July 2017 at $0.15 per coin, and it quickly rose in value. By the end of the year, the BNB price had reached $7.70, an increase of over 5,000% from its launch price.
BNB performed well in 2017 for a few reasons. Binance, one of the most widely used cryptocurrency exchanges globally, used BNB as its native token. This meant that BNB had a lot of value, as it could be used to pay for all trading fees on the Binance platform.
Additionally, the entire cryptocurrency market was experiencing real growth in 2017. Bitcoin and Ethereum, the two most significant cryptocurrencies, saw price increases of over 1,000% and 900%, respectively. This had a ripple effect, driving up the BNB price as well.
2018
The BNB price fell sharply in 2018, along with the rest of the cryptocurrency market. By the end of the year, BNB's price had fallen to $6.00, an 80% decrease from its previous all-time high.
The cryptocurrency market as a whole experienced a major correction. This was due to a number of factors, including regulatory uncertainty, increased competition, and a lack of institutional adoption.
2019
BNB's price began to recover in 2019. The BNB price crossed the $30 mark in the first half of the year, but it began to decline once again in the second half due to a hack.
The hack resulted in the loss of $40 million worth of cryptocurrency, including BNB. This event damaged Binance's reputation and led to a decline in trading volume on the exchange.
2020
The price of BNB remained relatively stable through 2020 and reached its previous highs of $30-$40 mark by the end of the year.
The stability in BNB's price was a good sign, especially given the outbreak of the COVID-19 pandemic.
2021
BNB's price reached its highest price paid of $690.93 in May. After finding a bottom of around $261, the price of BNB steadily climbed back up throughout the year.
2022-23
Since the start of 2022, the price of BNB has decreased consistently, going from above $500 and mostly settling between $200 and $350. In 2023, Binance Coin hit its lowest price paid of the year at $210.58 per BNB token, before rebounding to nearly $324 in December along with the rest of the cryptocurrency market.
BNB operates as a utility token within the Binance ecosystem, providing various benefits, discounts, and functionalities to its users. Its underlying blockchain, BNB Chain, facilitates secure and efficient transactions, while token burns and ongoing development contribute to its value proposition.
BNB's utility continues to expand as it is integrated into different platforms, services, and applications. Its integration enables users to access various functionalities, services, and discounts across the BNB Chain ecosystem and beyond.
BNB was created by Binance, the world's largest cryptocurrency exchange. Binance was founded in 2017 by Changpeng Zhao (popularly known as CZ), who is also the former CEO of Binance.
Zhao is a Chinese-Canadian business executive who has a background in computer science and finance. He previously worked as a software engineer at Bloomberg and then as a trader at Goldman Sachs.
BNB is a cryptocurrency that can be used for a variety of purposes, including:
- Paying for transaction fees on the Binance cryptocurrency exchange.
- Purchasing goods and services on a variety of platforms.
- Participating in initial coin offerings (ICOs) on the Binance Launchpad platform.
- Staking to earn rewards.
- Voting on governance proposals.
- Powering the BNB Smart Chain (also called the BNB Chain and Binance Smart Chain)
BNB is the native coin of the Binance exchange, one of the largest and most prominent cryptocurrency exchanges globally. Its close integration with the Binance ecosystem gives it a distinct advantage and utility within the exchange's specific services and features.
Binance Coin (BNB) does not utilize a traditional mining process like Proof of Work (PoW) cryptocurrencies such as Bitcoin.
BNB operates on the BNB Chain, which uses a Proof of Staked Authority (PoSA) consensus mechanism that combines Proof of Authority (PoA) and Proof of Stake (PoS). Instead of mining, BNB holders can participate in staking to earn rewards.
Here's how you can stake BNB:
BNB Price Performance
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More FAQs about Binance Coin (BNB)
The all-time high of BNB is $690.93, which was reached on May 10, 2021.
The all-time low of BNB is $0.09611, which was reached on August 17, 2017.
There are over 140.89M BNB tokens in circulation, with an equal number of BNB coins in the total supply. BNB is an inflationary cryptocurrency, so there is no maximum supply limit.Binance, however, regularly burns BNB to keep the supply in check.
You can buy BNB directly via MoonPay or through one of our many partner wallets, such as Trust Wallet and Exodus. MoonPay’s simple widget makes it easy to buy BNB with a credit or debit card, bank transfer, Apple Pay, Google Pay, and more payment methods. You can buy BAT directly via MoonPay or through one of our many partner wallets, such as Trust Wallet and Exodus. ---MoonPay’s simple widget makes it easy to buy BAT with a credit or debit card, bank transfer, Apple Pay, Google Pay, and more payment methods.
You can also top up your wallet in euros, pounds, or dollars and use your MoonPay Balance to purchase crypto like Binance Coin. Once funded, use your balance for faster, cheaper transactions with higher approval rates. When you're ready to withdraw, enjoy zero-fee BNB transfers straight to your bank account when you cash out via bank transfer.
The price of Binance Coin is determined by factors such as supply and demand, market sentiment, regulatory developments, and the adoption of blockchain technology. Price fluctuations can also occur in response to large transfers of the asset in a short time period.
MoonPay makes it easy to sell BNB when you decide it's time to cash out your crypto.
Simply enter the amount of Binance Coin (BNB) you'd like to sell in the MoonPay widget and enter the details where you want to receive your funds.
