Binance states that BNB was designed to be used to pay discounted fees on the Binance platform and also function as the native token powering the Binance Chain and Binance Smart Chain.
Binance Coin (BNB) is designed with token burn in mind to induce scarcity and drive up the value of the token. In its v1.1 whitepaper (archived copy), Binance stated that it uses 20% of Binance’s profits to purchase BNB and subsequently destroy it every quarter. Binance updated its whitepaper to v1.2 in 2019. In the updated whitepaper, it is stated that BNB burns will now be based on its exchanges’ trading volume. Let us review BNB Price.
BNB Price Prediction
BNB is likely to drop towards the support zone at $329. If the support at $329 holds, we could start seeing a move towards $431 and $509. If the resistance at $509 breaks, we could start seeing a move towards $541, $598, $671 and $882. Failure to hold the support at $329 could lead to a drop towards $293.
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