As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the recent developments at Bitget have caught my attention. The merge of their native tokens and the subsequent surge in price has been nothing short of impressive, especially considering the broader market’s downturn.
On the island nation of Seychelles, the digital currency trading platform known as Bitget has merged its two native cryptocurrencies – the Bitget Token (BGB) and the Bitget Wallet Token (BWB) – into one versatile token, also called BGB.
In just the past day, the price of Bitget Token has surged by a remarkable 22%, reaching a new peak (all-time high) of $8.45 as a result of the recent move.
Moreover, the company disclosed plans to destroy tokens valued at around $5 billion of their BGB token type, as detailed in a recently published whitepaper.
Token Merge Sparks Market Enthusiasm
Currently, as I’m typing this, CoinGecko data indicates that the asset’s value surged by over 125% in the last week, outshining the overall crypto market which declined by approximately 1.50% during the same period. Notably, it has also performed better than average centralized exchange tokens, which have seen an increase of around 12.70%.
Over extended periods, the increase in BGB’s value has become significantly noticeable. In just the past fortnight, its value surged more than 160%, and over a month, it rose almost 430%. Remarkably, its current price represents an astounding 1,346.2% increase compared to this time last year, placing it as a strong contender for the top-performing CEX cryptocurrency of 2024.
Currently, BGB holds a market capitalization exceeding 11.7 billion dollars, which has catapulted it to rank 19th among the most capitalized cryptocurrencies, surpassing Stellar (XLM), Polkadot (DOT), and Hedera (HBAR).
Beyond the announced merger, it was also disclosed that approximately $5 billion worth of tokens were depleted, likely contributing to the rise in prices. This burn accounts for over 40% of the entire circulating BGB supply.
Utility and Real-World Integration
As per Bitget CEO Gary Chen, the upcoming merger is expected to boost BGB’s functionality. This expansion includes potential use in decentralized applications (dApps), significant blockchain ecosystems, and even staking within DeFi protocols. Moreover, it’s said that this integration may also facilitate essential services like multi-chain gas fee payments.
Instead of just relying on blockchain technology, the exchange aims to establish BGB as a significant facilitator for practical applications in everyday life. This includes enabling transactions for dining, traveling, shopping, and more, via their Web3 PayFi service.
The firm promises BWB owners that their holdings will be moved to BGB via an automated exchange, where each BWB token will change into BGB at a fixed rate. Any leftover BWB is intended for destruction to boost the rarity and enduring worth of the combined asset.
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2024-12-27 19:26