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Bitget Unveils $5 Billion BGB Token Burn as Price Jumps 100% in a Week
In a significant move, Bitget, one of the fastest-growing crypto exchanges, has announced a massive $5 billion burn of its native token, Bitget Token (BGB). This monumental event comes on the heels of an astonishing 100% price surge for BGB over the past week.
The proposed token burn involves removing an impressive 800 million tokens from circulation, which represents a staggering 40% reduction in the total supply of BGB. As of press time, the value of the burned tokens has skyrocketed to over $6.4 billion, underscoring the overwhelming demand for BGB.
This strategic move is part of Bitget’s broader plan to implement a deflationary model and amplify the token’s utility. Starting in 2025, the crypto exchange will allocate 20% of its profits from exchange and wallet operations to repurchase and eliminate additional tokens on a quarterly basis.
The impressive performance of BGB has seen it more than triple in value over the past month, trading at a staggering $8.3. Notably, the token saw an astonishing $600 million in trading volume within the last 24 hours. Bitget’s daily trading volume has surpassed $30 billion, with its user base expanding to 45 million strong.
As CEO Gracy Chen emphasized, “Our decision to burn $5 billion worth of BGB aligns with our vision of transforming it into a powerful medium of transacting value.” The exchange recently merged BGB with Bitget Wallet Token (BWB), consolidating its centralized and decentralized ecosystems under one token.
Source: cryptobriefing.com
