$BNB is primarily used within the Binance ecosystem, including trading fees on the Binance platform, discounts, participation in token launch events (Launchpad), and operating the Binance Smart Chain (BSC), which also supports many DeFi applications and NFTs but is still smaller than Ethereum in terms of overall adoption.
Market volatility and competition:
Cryptocurrency prices are influenced by many factors, including general market sentiment, regulatory developments, technological innovations, and competition from other coins.
In addition to Ethereum and BNB, there are many other blockchains that compete in the area of smart contracts and decentralized finance, such as Solana and Cardano, which can affect market dynamics.
