BNB 8th Anniversary Marks Price Near $700 and Rising Institutional Use

The crypto community is celebrating a unique occasion with the BNB 8th Anniversary. From being just a basic discount coin for Binance users, the token has now become one of the leading digital assets in the world.

As the token approaches $700 in value, its ride is back in the spotlight. It's not merely about the price. It's about how far the project has evolved in a span of eight years.

From $0.06 to Crypto Powerhouse

At the time the token was released in July 2017, its value was a mere $0.06. It was primarily used to decrease trading fees on the Binance platform.

Today, the Binance Coin has gained almost 10,000 times its initial value. The BNB 8th Anniversary is a reminder of one of the most successful token stories in the history of crypto.

CZ Reflects on the Journey:

Binance founder Changpeng Zhao, popularly known as CZ, shared his thoughts on social media to mark the occasion and celebrating the BNB 8th anniversary. In a short post, he pointed out how the token went from $0.06 to $698 in eight years. Many users in the community responded with excitement and memories of their own. The post highlighted how much the crypto space has changed since 2017.

Source: CZ Binance

A Surge That’s Turning Heads

In the last 24 hours, the currency increased from $670.40 to $688.70. It is now trading at $697.31 with an increase of 1.21%, on the other hand the trading volume has also increased by 21.21% to reach $1.99B within a day.

Source: CoinMarketCap

This price surge comes with a bullish market movement, with Bitcoin hitting a new all time high of $121,000 .

But this price surge was not solely dependent on market trends. Some major events helped fuel this rally.

Corporate Interest Brings New Use

What’s also helping is the growing interest from the corporate world.

• More than 30 teams are exploring how to use the Binance coin as part of public-company treasury reserves.

• A major step in this direction comes from 10X Capital backed by YZi labs . It plans to create a $500 million U.S.-listed treasury company built around this asset.

That kind of backing brings more attention and trust to the token.

Huge $1 Billion Token Burn

The 32nd quarterly token burn of Binance is one of the main events why its price surged recently. This time around, nearly 1.59 million tokens were burnt that had a value of more than 1 billion dollars.

It is aimed at decreasing the overall supply to 100 million tokens. To date, more than 265,000 have already burned.

This deflation model facilitates the creation of scarcity, mainly resulting in increasing the value. It has also added to the hype of BNB 8th Anniversary.

Beyond Just a Trading Tool

The BNB 8th Anniversary also depicts how far the cryptocurrency has evolved beyond trading. It now powers the BNB Chain, which hosts decentralized apps, DeFi tools, NFT platforms, and games.

It's become an integral part of the blockchain universe, providing actual value to developers, users, and businesses.

Looking Ahead After 8 Strong Years

Though the crypto space can be volatile and prices shift quickly, this 8-year ride demonstrates the BNB coin's endurance. Celebrating the BNB 8th Anniversary, we can see that the Binance coin evolved from a humble concept into a giant of digital finance.