The cryptocurrency community is celebrating a special event with the 8th anniversary of BNB. From a basic discount cryptocurrency for Binance users, this token has now become one of the world's leading digital assets.
As the token's value approaches $700, its journey once again becomes the center of attention. It's not just about price, but also about the project's development path over the past eight years.
From $0.06 To Crypto Powerhouse
At the time the token was released in July 2017, its value was only $0.06. It was mainly used to reduce transaction fees on the Binance platform.
Today, Binance Coin has increased nearly 10,000 times its initial value. Celebrating BNB's 8th anniversary serves as a reminder of one of the most successful token stories in cryptocurrency history.
CZ Reflects on the Journey
Binance founder Changpeng Zhao, commonly known as CZ, shared his thoughts on social media to commemorate this event and the 8th anniversary of BNB's launch. In a brief post, he highlighted how this token rose in value from $0.06 to $698 over eight years.
Many users in the community have responded with excitement and their own memories. The post highlights the transformation of the cryptocurrency space since 2017.
An Increase Attracting Attention
In the past 24 hours, the coin has risen from $670.40 to $688.70. Currently, it is trading at $697.31, up 1.21%; trading volume also increased by 21.21%, reaching $1.99 billion in just one day.
This price increase accompanies the rising trend of the market, as Bitcoin reaches an all-time high of $121,000.
But this price increase is not solely dependent on market trends. Several major events have contributed to this upward momentum.
The Benefits of Businesses Bringing New Uses
Another useful aspect is the growing interest from the business sector.
More than 30 groups are exploring how to use Binance Coin as part of their public company's treasury reserves.
A significant step in this direction comes from 10X Capital, supported by YZi Labs. This company plans to establish a publicly listed fund in the United States with a capital of $500 million, built on this asset.
Such support will attract more attention and trust in the token.
Massive Token Burn Worth $1 Billion
Binance's 32nd quarterly token burn is one of the main events causing the recent price surge. This time, nearly 1.59 million tokens were burned, with a total value of over $1 billion.
The goal of this campaign is to reduce the total supply to 100 million tokens. To date, over 265,000 tokens have been burned.
This deflationary model facilitates scarcity, primarily leading to increased value. It also adds to the excitement for the 8th anniversary of BNB.
Not Just a Trading Tool
Celebrating BNB's 8th anniversary also showcases the remarkable growth of this cryptocurrency, extending beyond trading scope. Currently, BNB Chain supports decentralized applications, DeFi tools, NFT platforms, and games.
It has become an integral part of the blockchain universe, providing real value to developers, users, and businesses.
Looking Ahead After 8 Strong Years
Although the cryptocurrency market can be volatile and prices change rapidly, this 8-year journey demonstrates the resilience of BNB. Celebrating BNB's 8th anniversary, we can see that Binance Coin has evolved from a humble concept into a giant in the digital finance sector.
