Today we will focus on 💰 Binance Coin (BNB) — the native cryptocurrency of the giant among cryptocurrency exchanges, Binance. Despite legal issues and the high-profile departure of Changpeng Zhao, the CEO of Binance, the token demonstrated positive dynamics after a slight decline and seems ready to conquer new heights. Below we will analyze the main fundamental factors for the future growth of the coin ⤵️
1. Binance Coin could become the new Ethereum.
Like Ethereum, Binance Smart Chain (BSC) offers the functionality of deploying smart contracts in the world of emerging DeFi, which in the future can replace any centralized authorities. The rapid development of the blockchain is due to its low fees, which attract more and more users and projects. Thus, BSC is much cheaper and faster than the Ethereum network. On the platform (BNB Smart Chain), BNB is used to pay transaction fees and participate in the network's consensus mechanism.
2. Development of the NFT and metaverse market.
Binance Coin is revolutionizing the NFT and metaverse market. In January 2023, Binance launched its NFT marketplace. From gaming collections to NFT Metaverse items, Binance NFT provided a platform for artists and leading game developers. In response to user feedback, Binance launched its first-ever Initial Game Offering (IGO) to create a space for NFT games and to enter the gaming metaverse. Binance also gave developers the opportunity to create projects in the metaverse.
3. Binance burns its tokens.
The quarterly token burn function makes BNB unique among other cryptocurrencies. How does it work?
An impressive aspect of the company's activities is that it spends 20% of its profits on buying back tokens, which are then burned at untracked addresses. This mechanism helps BNB create a gap between supply and demand, ultimately increasing its value.
4. Binance leads in trading volumes.
The hype around Play-to-Earn clicks, as well as meme coins over the past six months, has attracted significant attention to the industry of new users, which also significantly affects the trading volumes on exchanges and directly the price of the BNB token itself.
