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Bitget Unveils $5B BGB Token Burn as Price Jumps 100% in a Week
In a stunning turn of events, Bitget has announced a massive $5 billion burn of its native token, Bitget Token (BGB), amidst an unprecedented price surge. The news comes on the heels of a remarkable 100% increase in the token’s value over the past week.
According to reports, the proposed burn would remove 800 million tokens from circulation, effectively reducing the total supply by a significant 40%. This move is seen as a bold step towards enforcing a deflationary model and enhancing the utility of BGB.
Starting next year, Bitget has pledged to implement quarterly burns, utilizing 20% of profits generated from exchange and wallet operations to purchase back and destroy additional tokens. This strategic decision aims to stabilize the market and maintain investor confidence in the token’s value.
The recent price jump can be attributed to a surge in trading volume, which exceeded $30 billion daily, with an impressive user base expansion to 45 million. The BGB has been experiencing significant growth, rising by over 400% within the past month alone. Trading volume for the asset reached a staggering $600 million within a single day.
In response to the news, Gracy Chen, CEO of Bitget, emphasized that this move aligns with their vision of establishing BGB as a powerful medium for transacting value. The merged BGB and Bitget Wallet Token (BWB) has also further solidified its position in the market.
It is crucial to note that this development comes amidst growing interest in crypto, with BGB being one of the most sought-after tokens in the current market landscape.
Source: cryptobriefing.com
