Binance Coin Price Today

The current real-time Binance Coin price is $682.95 . BNB price has grew by 5.38% in the last day and decreased by 5.84% in the last seven days. It’s important to note that the current Binance Coin market capitalization is $98,349,536,540. The maximum supply is coins, with a circulating supply of 144,007,760.88. BNB is ranked #5 in terms of market cap.

Binance Coin In A Nutshell

Build and Build, commonly abbreviated as BNB, is a significant layer one cryptocurrency project created in 2017 by Binance, the world’s most popular exchange.

Binance created BNB as its propriety token, offering users discounted trading fees. However, in 2020, the BNB Smart Chain, now the BNB Chain, was created, bringing smart contract support to the network and significantly expanding the token’s utility. Today, the BSC is one of the world’s most popular layer-one cryptocurrencies, with thousands of projects built atop it.

Basics of How BNB Works

BNB exists on its independent network, meaning it is not subject to the whims of any parent currency, unlike an asset like Chainlink, which uses another project’s architecture. However, before the launch of the BSC, BNB was an ERC-20 token built on the Ethereum network. 

Several components make the BNB Chain. They comprise the BNB Beacon Chain, which is used for on-chain governance and allows holders of BNB to stake and vote on propositions. Then, the BNB Smart Chain is an Ethereum Virtual Machine (EVM) compatible layer supporting smart contract execution.

The Utility of BNB

When BNB first launched, its primary purpose was to streamline payments on the Binance exchange and to offer customers reduced trading fees. However, much more utility has been introduced to BNB since. 

BNB's core function is facilitating transactions within the BNB Smart Chain ecosystem. Any project created on the BSC requires BNB tokens to pay transaction fees, and with over 2,000 projects on the network, demand for BNB is high. BNB holders can also fund the Binance crypto debit card with BNB or use the asset to pay for goods at select retailers. A significant advantage of the asset is its fast transaction settlement time, with most transactions completed within 5 minutes.

BNB Price History

BNB launched as an Initial Coin Offering (ICO) in 2017, with investors able to purchase the asset for just $0.15 per BNB, a fraction of today’s cost. Compared to its ICO price, BNB would yield an approximately 4,000x return at current market prices. Although BNB is now one of the most widely traded cryptocurrencies on the planet, things weren't always smooth sailing. 

Between its launch and late 2019, BNB shot up in price and traded for roughly $15 to $20. While the asset had a reasonably successful 2020, growing value by between 50% and 100%, BNB surged in price alongside the 2021 bull market. The token rose from $37.37 at the start of the year to $671.78 in December 2022, a return of roughly 1,700%. 

Despite boasting a strong 2022, BNB struggled throughout 2023 as early investors began to sell BNB, leading it to shed around two-thirds of its valuation and hit a low of $211.14 by September. However, in 2024, BNB found its footing and grew exponentially, making a new all-time high of $683.87 in June. Today, the price of BNB stands at $682.95 . 

The Supply of Binance Coin

When Binance first launched BNB, it had a supply of 200 million. However, Binance holds quarterly burn events, during which hundreds of millions of dollars in BNB get burned. 

The asset also has a real-time burn mechanism comprising a portion of a transaction’s gas fees. Binance has burned around 54.4 million BNB, lowering the circulating supply to 147.5 million tokens. Binance plans to hold token burns until the circulating supply of BNB is reduced to 100 million tokens. The maximum supply is coins, with a circulating supply of 144,007,760.88 as of today.

Where to Buy BNB

If you want to buy BNB, you can go down several routes. Using an exchange will be the most straightforward method. Moreover, if you buy the token on Binance, you can leverage it to attain additional benefits like reduced trading fees. However, you can purchase BNB on a peer-to-peer trading platform or through a decentralized exchange like PancakeSwap.