BlocksInform
Binance Coin BNB/USD is the native cryptocurrency token that is used in and is used by the BINANCE Exchange. It bears the nbb symbol and was initially based on the ethereum network.
Over time, however, it has moved on to its own native blockchain known as smart chain binance (bsc).
The tokens burn as a catalyst for growth.
On January 13, we covered how Binance launched CELO and ERN locked staking, with APY up to 100%.
Cryptocurrency exchange, binance, on January 17th, implemented its first ever token burning bnb token through an automatic combustion program. This, in turn, removed over 1.6 million (approximately 1,684,387.11 bnb) bnb tokens that were worth $792 million.
The bnb auto-burn formula calculates the number of tokens to be removed from circulation, according to the exchange rate, that reflects supply and demand, and the number of blocks produced over the past quarter.
This is a change from the previous methodology used to burn tokens, which was based on the revenue generated from the binary exchange.
Changpeng Zhao (CZ), co-founder and CEO of Binance, said in an official announcement that “The implementation of the BNB auto-burn is a natural next step in BNB’s journey and will help the BNB community grow through providing greater autonomy, transparency, and predictability.”
Should you buy a binance (nbp)?
As of January 18, Binance Coin (BNB) was valued at $465.2.
Get a better perspective as to the type of value point for the bnb token, we will go over its historical value as well as its performance throughout the previous month.
The record value of the nbb token was on May 10, 2021, when the token was valued at $686.31. Here, we can see that at its value point, the token was higher by $221.11 or 47% in value.
When we move on token performance throughout the previous month, it can be seen, the 1st of december, the nbi token had its highest value of $647.8.
Its lowest value point, however, was on December 15, when the token dropped to its lowest point of the month, at $503.51. This indicates a decrease in token value of $144.29 or 22%.
In this light, at $465.2, bnb can be an attractive purchase if it breaks through the $470 price barrier, it will grow to $480 by the end of february 2022. If the token goes under $460, however, it might be worth reconsidering.
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