A pile of coins
Binance co-founder and former CEO Changpeng Zhao, popularly known as CZ has expressed gratitude to the BNB community as the token reached a price of $1000 for the first time.
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In a tweet on 18 September, the crypto billionaire said he lacked words to describe how he feels about BNB rising from $0.1 to $1,000 in eight years.
In response, some of his followers celebrated with him, while some mocked his emotional tweet.
The long journey
BNB was launched about eight years ago with an initial coin offering (ICO) price of $0.1. Since then, the token has gone through several crypto cycles full of back and forths in price movements, just like any typical crypto asset.
However with several offerings from Binance which gave it different use cases, the token continued to increase in value. Most people probably didn’t think it would get to $1,000 but for some, it was a dream come true.
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The token gained momentum and kept growing steadily recently to reach the all-time high price despite other crypto assets struggling.
But one of the strategies that kept BNB growing was the burn mechanism where the team burned a certain amount of the token every once in a while to shrink supply and make each token more valuable.
More to come?
The $1,000 price is great, but clearly, CZ is expecting something much higher as he says “To the next 10000x together!”
Other community members also expect a higher price, which makes sense because the market seems to be prepping for another big rally.
The altcoin season will be especially important and could indeed lead to much higher prices in the coming months if the projections that have already come from top crypto analysts play out.
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