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Bitget Announces Token Burn; Token Price Surges by Over 20%
In a recent whitepaper announcement, Bitget, a prominent cryptocurrency exchange, has disclosed its plan to restructure its native token, BGB. As part of this initiative, the platform intends to eliminate a significant portion of its currently circulating token supply.
The company plans to begin implementing these changes starting from 2025. Initially, it will burn approximately 40% of the existing token circulation, which is currently valued at $6.8 billion and totals around 800 million tokens. As a direct result of this token burn, the price of BGB is expected to rise due to the reduced supply.
In addition to the initial token burn, Bitget has also announced its commitment to quarterly burns, allocating 20% of its profits towards repurchasing BGB tokens from the open market and subsequently reducing the total token circulation. This move is aimed at rewarding existing token holders by increasing their value in the long run.
Another key development unveiled in the whitepaper involves the merger of Bitget’s wallet token (BWB) and its native token (BGB). At an exchange rate of 11.68:1, BGB will absorb BWB. This decision is expected to simplify the company’s tokenomics and enhance the usability of the token across both exchanges and wallet services.
Following this announcement, the price of the BGB token has surged by over 20% in the past day, with its current value resting at $8.37 per unit.
Source: www.cryptonewsz.com
