Investors are always on the search for which new cryptocurrency could generate the most financial rewards. The crypto market exists seemingly in a permanent state of violent inconsistency that can leave investors unsettled by the volatility. But there are rising crypto coins which merit more than a passing interest. Binance Coin (BNB) could be a crypto that becomes a mainstay in the higher echelons of the crypto market as it gathers interest and investment. Is it the sort of crypto that a new
What Is BNB?
Binance Coin (BNB) is a cryptocurrency created by the leading crypto exchange Binance. The coin was launched in 2017 as an ERC-20 token on the Ethereum blockchain. However, in 2019, Binance launched its own blockchain, Binance Chain, and migrated the BNB token to its network.
BNB is a utility token primarily used to pay trading fees on the Binance exchange. Binance offers a 25% discount on trading fees for users who pay with BNB. In addition to this, BNB can be used to pay for other Binance services, such as withdrawal fees, listing fees, and margin trading fees.
What are the strengths of BNB?
One of the key strengths of BNB is its utility. As the native token of the largest crypto exchange in the world, BNB has a wide range of use cases within the Binance ecosystem. This makes it an attractive proposition for traders and investors who use the Binance exchange regularly. By using BNB to pay trading fees, users can save money on their transactions and improve their overall profitability.
Another strength of BNB is its deflationary model. Binance uses a portion of its quarterly profits to buy back and burn BNB tokens, reducing the total supply of its crypto token. This creates a scarcity effect that can drive up the value of BNB over time. In addition, the burning of BNB also helps to offset the inflationary effects of new tokens being released onto the market.
BNB also has a growing list of use cases outside the Binance ecosystem. For example, the token is now accepted by a number of merchants for payment. In addition, Binance has launched a decentralised exchange (DEX) on the Binance Chain, where BNB is used as the native currency. This provides an additional use case for BNB and helps to increase its overall utility.
Finally, Binance has been actively expanding its services and partnerships, which has helped to increase the visibility and adoption of BNB. For example, Binance has launched a number of new products, such as Binance Launchpad, which allows users to participate in initial exchange offerings (IEOs) using BNB. Binance has also partnered with a number of other companies, such as TravelbyBit and Pundi X, to increase the use cases for BNB.
Is BNB the Altcoin trailblazer for coins like Dogetti?
A crypto coin like Dogetti will always be looking at other altcoins as measuring sticks for how they should perform.
With Dogetti set to go live in June after a rather impressive presale, its team will have seen the rising popularity of BNB and other altcoins, and felt emboldened by this. BNB has retained its pulling power as a cryptocurrency even in bear market seasons, and this is the sort of sway Dogetti will hope to have over investors.
Dogetti’s main strengths come from being a community-based cryptocurrency that borrows from the contemporary meme culture. This has enabled it to forge a large following of eager supporters that it has cast as being part of its family. Dogetti has structured its token’s ecosystem to reflect the centrality of its members to its platforms with some of the earnings generated by the crypto pooled back into the pockets of DETI holders while members are also incorporated into the decision-making process regarding Dogetti’s direction and development.
For more information about Dogetti (DETI):
WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido