What Is Binance Coin (BNB), and Can It Really Hit $2,775 by 2028?
On July 28, 2025, Binance Coin (BNB) surged past $850, setting a new record and sparking global investor interest. This rally has reignited debate over Standard Chartered’s bullish prediction: that BNB could reach $2,775 by the end of 2028, a more than 3x gain from current levels.
But what exactly is Binance Coin? Why has it reached such a high price? What potential does it have? Let’s delve deeper into this topic.
What Is BNB?
BNB is the native token of Binance, the world’s largest crypto exchange. Launched in 2017 via an ICO, BNB started as an ERC-20 token on Ethereum before migrating to BNB Chain, which includes both the Binance Smart Chain (BSC) and Binance Chain.
BNB’s Utility Across the Ecosystem
Use Case | Description |
Trading Fee Discounts | Reduced fees on Binance when paying with BNB |
Gas Fees | Used as fuel for transactions on BSC |
Launchpad | Required for token sales and auctions |
Staking & Liquidity Mining | Earn passive income via DeFi protocols |
Payments | Accepted via Binance Pay, Binance Card, and external merchants |
BNB’s Market Position
As of July 31, 2025, Binance Coin (BNB) continues to solidify its role as one of the most influential digital assets in the market:
- Total Supply: 200 million BNB
- Circulating Supply: 139 million BNB
- Circulation Rate: 69%
- Market Cap: Over $111 billion, representing 2.93% of the total crypto market
- Ranking: #4 among non-stablecoin cryptocurrencies, trailing only Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP)
Top 10 cryptocurrencies by market capitalization, source: CoinMarketCap
Binance remains the undisputed leader in both spot and derivatives trading:
Metric | Binance | Bybit (2nd Place) |
24h Spot Volume | $24+ billion | $4.7 billion |
24h Derivatives Volume | $84+ billion | $31 billion |
This dominance extends to its decentralized arm, PancakeSwap, which recently captured 42% of DEX market share, thanks to its Infinity upgrade that enhanced speed and liquidity.
According to DefiLlama, the BNB Smart Chain (BSC) ranks #3 globally in DeFi Total Value Locked (TVL):
- TVL: ~$6.9 billion
- Global Share: 4.91%
- Ranking: Behind Ethereum and Solana (SOL)
BSC network TVL, source: DefiLlama
BSC’s appeal lies in its low fees, fast transaction speeds, and robust ecosystem of yield farming and lending protocols — making it a preferred choice for retail DeFi users and emerging institutional strategies.
BNB’s Price History: Five Key Phases
BNB has only completed one full bull-bear cycle since its launch and is now entering its second major bull run. Its journey can be divided into five distinct phases, each marking a key milestone in its evolution.
BNB price chart, source: TradingView
Phase 1: Genesis (2017–2018)
- Launch Price: $0.10 in July 2017
- Binance was a fledgling exchange at the time, and BNB’s ICO drew limited attention.
- Within five months, Binance surpassed 2 million users, and BNB surged to $2.50 by year-end.
- In January 2018, BNB hit a then-record $24.46, before the crypto market turned bearish.
- By December 2018, BNB had dropped to around $4, losing over 80% of its value.
Phase 2: Transformation (2019–2020)
- In April 2019, Binance launched Binance Chain, giving BNB its own blockchain.
- In September 2020, the debut of Binance Smart Chain (BSC) added smart contract functionality.
- BNB rebounded from a pandemic low of $8 to $30, driven by growing utility and ecosystem expansion.
Phase 3: Explosion (2021)
- Fueled by the DeFi summer boom and BSC’s rapid adoption, BNB soared from $40 in January to an all-time high of $686 in May 2021.
- The token gained over 1,500% in just five months.
- A second rally later that year failed to break the previous high, signaling market exhaustion.
Phase 4: Correction (2022–2023)
- BNB faced headwinds from the LUNA collapse, FTX bankruptcy, and regulatory scrutiny.
- It bottomed out at $183 in 2022.
- In 2023, as sentiment improved and regulatory pressure eased, BNB recovered to around $350, laying the groundwork for the next cycle.
Phase 5: Breakout (2024–2025)
- In June 2024, BNB broke past its previous ATH, reaching $700+.
- By December 2024, it climbed to $793, and in July 2025, it hit a new peak of $859, marking its highest price to date.
Can BNB Reach $2,775 by 2028?
Standard Chartered’s forecast is based on several factors:
- BNB’s deflationary model: Quarterly burns and BEP-95 real-time burns aim to reduce supply to 100 million BNB
- Institutional adoption: Firms like Nano Labs (128K BNB), Liminatus Pharma, and Windtree Therapeutics are building BNB treasuries
- Utility expansion: BNB powers trading, payments, NFTs, and token launches across Binance’s ecosystem
- Macro tailwinds: The next Bitcoin halving in 2028 could trigger a new bull cycle, lifting altcoins like BNB
Conclusion
BNB’s unique position as a multi-utility asset within the Binance ecosystem, combined with its deflationary supply, institutional demand, and ecosystem dominance, gives it a strong foundation for long-term appreciation.
While $2,775 may seem ambitious, it’s not out of reach — especially if crypto treasuries continue to expand and Binance maintains its market leadership.
