Tuesday, December 6, 2022

Is Binance Coin (BNB) worth buying today?

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Growing adoption and deflationary tokenomics make BNB crypto worth buying

Key points:

  • BNB is used for paying fees at Binance, the largest exchange in the world. 

  • BNB is also deflationary, which means long-term demand will outpace supply.

  • BNB is currently trading at over 50% off its all-time highs, making it a perfect buy for long-term investors.

As the bear market rages on, it is only natural for investors to look for cryptocurrencies that offer safety and potential growth. While Bitcoin is the number one on this front, Binance Coin (BNB) is another cryptocurrency with good odds. Going by its price action all through 2022, BNB is among the cryptocurrencies that have held value better than most.

This has a lot to do with its strong use case. Unlike most cryptocurrencies only for speculative purposes, BNB has an actual use case for paying fees across the Binance ecosystem. The best part is that the Binance ecosystem is pretty huge and is continually growing in size, further adding to BNB’s strength. 

Binance launched in 2017 but has since grown to be the largest cryptocurrency exchange by volume. It is also continually adding its product offering, further adding to the use cases for BNB. For instance, the Binance ecosystem now includes the Binance Smart Chain, one of the most significant launch platforms for Dapps today. Essentially, BNB is one of those cryptocurrencies with a very low chance of crashing without warning, as happened to LUNA in May 2022.

Besides the use cases giving BNB some downside protection, there is every reason to believe that BNB could do well going into the future. That’s because its supply is always going down over time. This is all thanks to the Binance Coin burns that happen every quarter. With shrinking supply and growing demand, the odds are that BNB will keep going up over time.

Is Binance Coin a good buy today?

Binance coin is, without a doubt, an excellent cryptocurrency to buy now. For starters, it has solid fundamentals, as discussed above. Then there is the fact that the market is strongly bearish, and BNB prices are more than 50% off their all-time highs. This price correction presents an opportunity to buy BNB at discounted prices in anticipation of the next bull run and the quarterly BNB token burns. 

Conclusion

Binance Coin’s growing usage and shrinking supply play in its favor long term. Now that crypto prices are heavily depressed, BNB presents a buying opportunity for long-term investors.

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