Binance Coin increased almost twice over a month and exceeded $8 while its daily trading volume is more than $104 million. BNB capitalization was just $500 million until quite recently. However, the indicator exceeded $1 billion recently, as a result, the coin hit TOP-10. BNB was the only large coin in the green yesterday. This stands against the background of persisting bear trend which destroys altcoins one by one.
Binance Coin is one of few tokens which manages to get dividends due to buy-back and burn. According to the project’s white paper, it is planned to destroy 20% of BNB coins that were bought back. This will happen until the company buys back 50% of the total supply (100 million coins). All the buy back transactions are reflected in blockchain.
The company has already burnt 11 billion BNB since the beginning of 2017, reducing the total issue from 200 million to 189 million. 1623818 BNB more were burnt on January, 16th. The last amount is equal to $13 million — the company raised almost the same amount of money in 2017. It turns out that the ICO investors got 6000% of dividends.
Evidently, the company managed to make 65 million of profit over the last quarter. The price keeps growing, this makes BNB one of few steadily growing tokens.
To recap, Binance is one of the most reliable crypto currency exchanges. Its CEO, Changpeng Zhao, recently announced plans for launch of a public blockchain – Binancechain which will allow crypto projects to launch their own altcoins and blockchains.