Hold onto your hats, crypto enthusiasts! Bitget's token, BGB, has been on a rollercoaster ride, soaring by a jaw-dropping 125% in just the past week. It’s now rubbing shoulders with the top 20 biggest crypto assets, leaving Stellar and Polkadot in the dust.
This Seychelles-based crypto exchange has just pulled a rabbit out of the hat by merging its native tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB), into one all-powerful token – BGB. The result? A stellar 22% spike in BGB’s price within just 24 hours, reaching an all-time high of $8.45. Talk about a power move!
Adding more fuel to the fire, Bitget has announced a colossal $5 billion token burn, set to ignite even more interest in their newly minted whitepaper. At the moment, our trusty CoinGecko shows that BGB has skyrocketed over 125% in the past week alone, leaving the global crypto market, which took a 1.50% dip, eating its dust. And it’s not just holding its own against other centralized exchange tokens – it’s outpacing them by miles, as they’ve only climbed around 12.70% on average.
Zoom out a bit, and you’ll see BGB’s growth story gets even more epic. Over the past two weeks, it’s leaped more than 160%, and if you go back 30 days, it’s up a staggering 430%. Compared to this time last year, BGB's price has exploded by an astonishing 1,346.2%, crowning it the potential champ of CEX cryptocurrencies in 2024.
BGB’s market cap has now topped $11.7 billion, rocketing it to the #19 spot among the largest cryptocurrencies, leaving behind the likes of Stellar, Polkadot, and Hedera.
This whole merger magic and the massive token burn have certainly played their part in pumping up the price. In fact, the burn represents more than 40% of BGB’s total supply – that’s a serious scarcity boost!
Bitget’s big boss, CEO Gary Chen, has hinted at ambitious plans to expand BGB’s utility beyond the crypto world. They're aiming to integrate it into decentralized apps and major blockchain ecosystems. Think staking in DeFi protocols and even paying multi-chain gas fees. But wait, there’s more! Bitget wants to take BGB to the streets, enabling real-world payments for dining, travel, and shopping through their Web3 PayFi service.
And if you're holding onto BWB tokens, fear not! Bitget has your back with an automated swap process that’ll convert your BWB into BGB at a pre-set ratio. Plus, any leftover BWB tokens are set to be burned, adding even more scarcity and long-term value to BGB. It’s an exciting new chapter for Bitget and its token – the crypto world better watch out!
