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Bitget Announces Token Burn; Token Price Surges by Over 20%
In a significant move to restructure its native token ecosystem and enhance the overall utility of the platform, Bitget, a leading cryptocurrency exchange, has announced a token burn and buyback initiative. As part of this plan, the exchange will be burning 40% of its currently circulating BGB token supply starting from next year.
According to reports, there are approximately 800 million tokens in circulation, valued at around $6.8 billion. The drastic reduction in supply is expected to have a positive impact on the token’s price, which has already surged by over 20% in the last 24 hours.
As part of its efforts to streamline operations and improve the overall experience for its users, Bitget will also be merging its BGB and BWB tokens at an exchange rate of 11.68:1. This move aims to simplify the platform’s tokenomics and enhance the utility of the token across both exchanges and wallet services.
The market has responded positively to these developments, with the price of BGB soaring by 22.09% in just one day. As a result, the token is now positioned as the 16th largest cryptocurrency by market capitalization, reflecting growing investor confidence.
It’s worth noting that Bitget’s initiative will reward its token holders and position the platform to compete more effectively in an increasingly competitive landscape.
Source: www.cryptonewsz.com
