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Bitget Initiates $BGB Token Burn, Starting With 220 Million Tokens Worth $1.4 Billion
In a landmark move aimed at enhancing the value and long-term sustainability of its native token, Bitget has officially initiated the burning process of $BGB tokens. In a significant first phase, the exchange has transferred 220 million BGB tokens worth a staggering $1.4 billion to a dead address for permanent destruction.
According to reports, the funds originated from Bitget’s token deployment address, marking the commencement of its largest token burn initiative to date. The massive undertaking aims to enforce a deflationary model for $BGB, thereby increasing its value and ensuring long-term viability.
As per the latest update, this significant move has already sparked a surge in investor interest, propelling $BGB to the top of the weekly gainers’ list. In a remarkable turn of events, the token has seen an impressive 55% rise over the past seven days, primarily driven by the buzz surrounding Bitget’s bold announcement of a massive $5 billion token burn.
The strategic move is designed to expand the utility of the token across various sectors, including staking, liquidity provision, and gas fee payments within Bitget’s ecosystem. By reducing the circulating supply, this monumental effort will also reposition $BGB as a key player in the cryptocurrency market, poised to drive innovation and bolster its value.
In an unprecedented development, Bitget has announced plans to eliminate 800 million BGB tokens from its total supply, accounting for a significant 40% reduction. This move is expected to unfold in batches, utilizing multi-signature addresses to ensure transparency and security throughout the process.
Source: nulltx.com
