BNB Price

What Is Binance Coin (BNB)?

BNB is the native coin of BNB Smart Chain and BNB Beacon Chain. It's also the cryptocurrency powering the BNB Chain ecosystem, which includes Binance Launchpad, Binance DEX and BNB DApps.

Originally built on Ethereum as an ERC-20 token, BNB was later swapped with BEP-2 tokens at a ratio of 1:1 following the launch of Binance Chain (now BNB Beacon Chain) on April 23, 2019.

Further, the launch of Binance Smart Chain (now BNB Smart Chain) allowed BNB to exist in BEP-20 format. Therefore, BNB is available in BEP-2, BEP-20 and ERC-20 token formats.

While BNB is associated with Binance, holding BNB doesn’t entitle one to the profits generated by the company and doesn’t represent one’s investment share in it.

Binance Coin (BNB) Price 

Binance Coin was launched through an initial coin offering (ICO) held between June 26 and July 3, 2017 at a token price of $0.15. From the start, BNB price had traction and attained double digits by the end of the year at $10.48 on December 27.

BNB opened 2018 on a high note with a spike to $24.37 in early January. It continued with the same bullish momentum for most of that month before a gradual decline to a low of $4.58 at the beginning of February.

By March, BNB had returned to its double-digit level, which it held until October of that year. By the end of 2018, BNB was trading below $10, a trend that continued until March 2019. However, BNB’s price recovered as the Binance Chain mainnet was launched in April of that year.

The bullish momentum continued in the following months, hitting its highest price that year of $38.92 on June 22, 2019. From there, BNB traded sideways for the rest of 2019 and all of 2020.

It wasn’t until January 2021 that Binance Coin’s price began to pump. It was highly bullish for the first half of that year. BNB’s price spiked from $43.23 in mid-January 2021, breaking through the $100 level in the second week of February to hit a high of $338.07 that month.

After a slight correction, the phenomenal price hike continued and climaxed at its highest price to date of $686.31 on May 10, 2021. From there, the price gradually declined to find support around $261.

BNB continued to drop back to around $261 after slight pumps in the rest of 2021 and most of 2022. In mid-June 2022, BNB broke that critical support level and dropped to $197, but has since recovered and is back above $200.

What Is BNB Used For?

As one of the most utility-enabled cryptocurrencies in the space, BNB has many use cases, which include:

• Staking for rewards

• Paying for transaction fees

• Credit card payments

• Participating in tokens sales 

• Utility token for games and DApps on BNB Chain

BNB Tokenomics

At launch, BNB had a total supply of 200 million coins. Half of these (100 million coins) were released to the public through the ICO. 

However, the total supply has been reduced due to various BNB token burn events. BNB has an Auto-Burn system designed to reduce its total supply to 100 million. The current circulating supply of BNB is 163,276,974 coins. 

BNB tokens are allocated as follows:

• 40% — Binance founders

• 50% — Public Sale

• 10% — Investors

Who Is the Founder of Binance Coin? 

The founder of BNB is Changpeng Zhao (commonly called CZ), who is also the founder and CEO of Binance. 

Read more: What Is Binance Coin (BNB) and Is It Worth Investing In?

How to Store BNB

BNB can be stored in most wallets compatible with BNB Smart Chain and Ethereum. These include Trust Wallet, MetaMask, Atomic Wallet, Guarda and many others. 

Where to Buy BNB

You can buy BNB from any top crypto exchange, including Bybit. On Bybit, you can trade BNB as a USDT Spot pair (BNB/USDT), USDT Perpetual (BNBUSDT) or USDC Perpetual (BNB-PERP).