Market Analysis Report (03 Nov 2022)

Binance Coin (BNB) is a cryptocurrency issued by leading exchange Binance that also serves as the native token of the BNB Chain, an Ethereum Virtual Machine-compatible network that supports smart contracts and decentralized applications.

Binance was created in July 2017, with BNB initially being issued through an Initial Coin Offering (ICO) on the Ethereum blockchain, as an ERC-20 token before the launch of BNB Chain.

At the time of the ICO, 100,000,000 BNB tokens, equivalent to 50% of the cryptocurrency’s total supply, were sold at a price of 1 ETH for 2,700 BNB, or 1 BTC for 20,000 BNB. While BNB’s total supply is 200,000,000 coins, Binance regularly burns tokens, in a bid to reduce BNB’s circulating supply to 100,000,000.