Analysis has illustrated that Binance’s native token, Binance Coin (BNB) is undervalued overall while Binance, the largest spot cryptocurrency exchange in the world still leads its way.
BNB initially issued as an ERC-20 token on the Ethereum platform. The initial total supply of BNB was 200 million coins, but due to the continuous coin burn, the supply is gradually decreasing.
Binance has conducted 12 token burns till now. The recent burn, the biggest burn ever recorded and has taken away about $60.5 million worth of BNB.
This burn mentions trading activity across Binance spot, margin, and futures exchanges, various portfolio projects, and ecosystem partners that use BNB.
BNB Still Undervalued
As data from Coinmarketcap, BNB is presently the 8th largest cryptocurrency. with a total market capitalization of $3.2 billion. In the mid-February BNB price surged to $26, with gains of around 100% since the beginning of the year. Then the price dropped to around $9.
On September 2, the BNB price spiked to $25 but less than the February price increase. Once again the price started to drop. In the last 24 hours, BNB is at $22.42 with a trading volume of over $622 million. The price has risen by 2.79%.
Binance Stays on Top
In Q1 of 2020, Binance offers 218 tokens and 616 trading pairs. Binance Savings products offered for 30 tokens, whereas Binance Staking supports 23 tokens. The exchange grows the Binance Angels roster to 200+ international angels.
Binance’s CEO, Changpeng Zhao, became the wealthiest Bitcoin Billionaire in 2020 with the estimated net worth of $2.6 billion. In a tweet, it was mentioned that Zhao tops 6 Bitcoin Billionaires in Hurun global rich list 2020.
Moreover, Binance has also gained a wide range of users which is over 2.4 million on their social media pages. It has also continued to build more features, fiat gateways, new supporting languages, etc.