Binance is the biggest cryptocurrency exchange according to the Coinmarketcap with 24-hours trading volume of $688 million. Binance Coin (BNB) is the cryptocurrency created by Binance for this platform.
Amidst the ongoing bear market where top cryptocurrencies have lost 80 to 90 percent of their value, Binance Coin (BNB) has emerged as the winner. Recently, it climbed above Bitcoin SV, Cardano, Monero, and IOTA to claim the 10th position.
At the time of writing, BNB has been trading at $9.63 with 24-hours gains of 4.07 percent. In the BTC market, it is up by 4 percent while registering 0.83 percent gains in the ETH market.
BNB price chart, Source: Coinmarketcap
Today, Binance Coin reached a new all-time high in the BTC market at $0.00264 while the previous record has been on $0.00177. As for the USD market, $24.46 has been the peak and is still down 60 percent.
BNB is an ERC20 token with a total supply of 200 million. According to its website, “Binance plans to use 20% of our profits each quarter to buy back and burn BNB until 50% of the total BNB supply (100 million BNB) is burned.”
Yi He, the co-founder, and CMO at Binance took to Twitter to share her excitement,
Day In Day Out, Keep BUIDLing
Binance Coin made a record and it’s all about BUIDL according to Binance executives as its CEO, Changpeng Zhao took to Twitter to share,
While the crypto market has been ridden hard by bears, Zao has always emphasized on building and letting the work speak in the tanking market as only “Buidl” will decide, once the bulls come back, which companies would be able to sustain.
“When markets do go back up that doesn't mean all projects will. A lot of coins with no development will die. Review your holdings. Make sure teams are WORKING.”
“I think for our industry to grow we need more entrepreneurs to build real projects,”
recently stated CZ. Not just on numerous occasions, Zhao and Binance team has always been about building.
Recently, Ted Lin, the Chief Growth Officer at Binance had shared a simple Buidl strategy of the exchange, which given the fact that Binance is the number one exchange and keeps on expanding across the geographical boundaries is working very well in its favor.
“If the technology requires 5 years of the entire ecosystem working together to create a better alternative, then we better start now.”
Since its inception in 2017, Binance has expanded into academy, research, and charity while working as an incubator for blockchain projects and has also launched its own crypto wallet.