• Bitget merged its native cryptocurrencies BGB and BWB into a single utility token BGB
• Bitget’s BGB token price rose by 22% in the last 24 hours, reaching a new all-time high of $8.45
• Bitget announced it will burn 5 billion worth of BGB tokens, representing over 40% of the total supply
In recent news, Bitget‘s momentous token merge and burn surged the value of its BGB token by an astonishing 22%, reaching a new all-time high (ATH). This move propelled BGB’s climb by 125% just in the last week, making a bold entry into the top 20 largest crypto assets and surpassing other prominent cryptocurrencies such as Stellar and Polkadot.
The Spectacular Rise of BGB
Bitget, a Seychelles-based crypto exchange, has merged its native cryptocurrencies Bitget Token (BGB) and Bitget Wallet Token (BWB) into a single utility token – BGB. This strategic move has resulted in an impressive 22% surge in Bitget Token’s price within 24 hours, pushing it to an all-time high (ATH) of $8.45. Furthermore, the company announced a significant burn of 5 billion BGB tokens, as outlined in their newly unveiled whitepaper, adding fuel to the price surge.
Market Response to the Token Merge
Data from CoinGecko reveals that the asset’s value has catapulted by over 125% over the last seven days, outperforming the global crypto market, which, in contrast, lost 1.50% of its worth in the same period. BGB’s current market capitalization of over $11.7 billion places it at the 19th position among the largest cryptocurrencies, outpacing Stellar (XLM), Polkadot (DOT), and Hedera (HBAR).
The Utility of BGB and Real-World Integration
Bitget CEO, Gary Chen, articulates that the merger will enhance BGB’s utility, with plans to incorporate it in decentralized applications (dApps) and major blockchain ecosystems. This integration will also extend to staking in decentralized finance (DeFi) protocols and powering essential services such as multi-chain gas fee payments. The exchange also plans to position BGB as a significant enabler of real-world applications by facilitating payments for dining, travel, and shopping through its Web3 PayFi service.
Transitioning BWB Holders to BGB
Bitget has assured BWB holders that their assets will be transitioned to BGB through an automated swap process. The process will convert each BWB token to BGB at a pre-determined ratio. Any remaining BWB will be burned to enhance the unified asset’s scarcity and long-term value.
Conclusion
Bitget’s strategic token merge and burn has undeniably caused waves in the crypto market, with BGB experiencing a remarkable rise in value. The company’s plans for utility enhancement and real-world integration of BGB promise an exciting future for the token and its holders. As the crypto landscape continues to evolve, it will be intriguing to observe how this strategic move impacts Bitget’s standing in the competitive crypto market.
