The price of Bitget Token has continued to be bullish, surging by more than 110% in the last four days. The token has seen increasing attention as the surge continues, with more volume yesterday and today. But what’s behind the surge?
Major Token Burn Initiative
According to Wise Advice, a key driver behind this price movement is Bitget’s token burn program. The exchange plans to burn 40% of the total BGB supply, equivalent to 800 million BGB tokens valued at approximately $6.8 billion. This strategic move will reduce the total supply to 1.2 billion tokens, with 100% in circulation.
Bitget’s commitment to token value extends beyond the initial burn. The platform has announced plans to implement quarterly burns of the BGB token, allocating 20% of its exchange operation profits to this initiative. This systematic approach to reducing supply demonstrates Bitget’s long-term commitment to token holders.
BWB Merger Development
Crypto analyst Aman highlights another significant catalyst: the merger announcement between Bitget’s exchange native token (BGB) and its wallet token (BWB).
BIG ANNOUNCEMENT Bitget has Just announced that its exchange native token $BGB and its wallet token $BWB are going to merge.$BGB token has increased by more than 1,100% so far this year. pic.twitter.com/d4sWMSJhFh
— Crypto Aman (@cryptoamanclub) December 26, 2024
The exchange rate has been set at approximately 11.68 BWB to BGB. This consolidation move has contributed to BGB’s impressive performance, with the token recording over 1,100% growth this year.
Read Also: Here’s Why the Kaspa (KAS) Price Could Rally Soon
TRON Partnership Impact
Michael Englander, a market observer who has been tracking BGB’s performance, points to Bitget’s strategic partnership with TRON as another significant factor driving the price surge. Englander suggests there might be additional developments behind the scenes contributing to the token’s remarkable performance.
These combined factors – the substantial token burn, quarterly burn program, BWB merger, and TRON partnership – have created strong bullish momentum for BGB, leading to its current price action.
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