Binance Founder’s Wealth Revealed: This Coin is Under His Control!

An analysis by Gray Wolf Analytics and Forbes reveals that Binance founder Changpeng Zhao (CZ) owns many BNB tokens, which has significantly increased his wealth. Accordingly, CZ controls a large portion of the circulating supply of BNB tokens. Amidst this news, metrics show that BNB’s social dominance is falling.

Binance founder’s wealth and BNB control

BNB is the native token of the crypto exchange Binance and provides its holders with transaction price discounts on the platform. The maximum supply of the digital asset is limited to 200 million tokens. Additionally, more than 147 million BNB tokens are currently in circulation. Notably, the price of BNB has more than doubled since the beginning of the year. In this process, the token recently recorded a new ATH of $ 720.

Zhao never publicly disclosed his BNB holdings. However, in the 2017 whitepaper for BNB’s initial coin offering (ICO), 80 million tokens were allocated to the founding team. Analysis shows that Binance holds 46.2 million of these tokens. We know that Zhao owns 90% of Binance. In this case, this means his stake is approximately 41.6 million tokens.

Binance BNB Ownership. Source: Forbes

Further analysis shows that Changpeng Zhao increased his BNB holdings through additional means. According to Forbes, only 10.8 million BNB was sold to Binance’s ICO instead of the 100 million requested. It was claimed that the unsold tokens, approximately 58 million BNB, were transferred to Zhao’s wallets. Therefore, based on 90% ownership, it is possible to say that CZ controls approximately 52 million of these tokens. Thus, the total assets of the Binance founder from the first team reward and unsold tokens are approximately 94 million BNB. As a result, Forbes concludes that Zhao’s valuable assets position him as the 24th most powerful person worldwide, with a claimed net worth of $61 billion.

What’s the next goal for BNB?

Crypto analyst Victor Olanrewaju takes a look at BNB’s metrics. Based on this, he shares his price predictions. At the time of writing, the altcoin’s social dominance has dropped to 0.617. This metric tracks interest in a cryptocurrency based on social media and crypto media discussions. Therefore, the decline implies that the community’s interest and engagement in BNB has decreased overall. Therefore, it is problematic for the cryptocurrency to see improved demand, which would herald higher prices.

Source: Santiment

Additionally, Open Interest (OI) fell to $473.46 million at press time. OI is the sum of all existing contracts for a cryptocurrency in the market. An increase in value means an increase in speculative activities around the coin. In many cases this serves as a force for ascension. Conversely, a decrease in BNB’s speculative positions means that it may be difficult for the price to rebound. In its current form, decline is possible for BNB. Therefore, it is possible for BNB to drop below baseline supplement levels. However, if buying pressure increases, a change in trend is possible.