‘

BNB Celebrates 8th Birthday, Marks Over 10,000x Growth

Today, the popular cryptocurrency, Binance Coin (BNB), is celebrating its eighth anniversary since its inception in July 2017. Since its humble beginnings with a price of less than $1, BNB has seen incredible growth, surpassing an astonishing 10,000 times increase.

The journey began eight years ago when Binance held its initial coin offering (ICO) from June 26 to July 3, 2017. The asset’s total supply was capped at 200 million tokens, with 100 million units made available for public sale. The firm allocated the remaining 50% to the founding team and angel investors.

The token started trading on July 14, 2017, after the ICO concluded. Since then, it has grown exponentially, driven by its utility and adoption within the Binance ecosystem. The company’s relentless efforts to reduce the token’s supply have also contributed significantly to its price appreciation.

As part of its buyback and burn program, Binance began repurchasing BNB from the market, destroying coins sent to a black address. This mechanism has led to a scarcity in the asset, subsequently increasing its value. The company recently completed its 32nd burn, reducing the total supply to approximately 139.28 million BNB.

The buyback and burn program have undoubtedly played a crucial role in driving BNB’s price higher. This dynamic is likely to continue pushing the coin towards new highs as it progresses.

Furthermore, institutional adoption has also been instrumental in the asset’s growth. Several companies have begun adopting BNB in their corporate treasuries, with one firm intending to hold at least $1 billion worth of the cryptocurrency.

Source: cryptopotato.com